Singtel shares jump as company picks insider as CEO to tackle sector slump

SINGAPORE : Shares in Singapore Telecommunications jumped by the most in four months after Southeast Asia’s biggest telecoms firm appointed an insider as its new group CEO during a weak outlook for the industry.

Singtel said on Thursday its board chose Yuen Kuan Moon, the CEO of its Singapore consumer business, to replace Chua Sock Koong, 63, who will retire after 13 years at the helm.

Citi analysts said Yuen’s transition to his new role should be seen positively.

“The street had been previously concerned with the prior earnings pressure and dividend uncertainties, leading to its share price de-rating,” the analysts said in a note and kept a buy rating on Singtel.