Singapore’s Big Loser for the Week

As of yesterday’s close, the Straits Times Index (SGX: ^STI) has gone up by 0.2% since last Friday. But with Oriental Group Ltd (SGX: 5FI) slumping 12.7% to end Thursday at S$0.103, it’s thus a big loser this week.

Oriental is a steel manufacturing and trading company with an integrated steel mill. The mill enables it to manufacture mild steel bars and high tensile steel bars such as angle bars and flat bars which are mainly used in the industrial and construction industries. The company’s steel production facilities are located in China.

On 2 September 2014, Oriental announced that Mr Lee Wan Sing has been appointed as its Chief Executive Officer (CEO). He was previously an Executive Director of the firm.

Mr Lee’s proud of this new appointment, judging from his comments:

“I am honoured to be given the opportunity to guide the Group towards sustainable growth and development in its business. I look forward to continuously working together with my fellow Board members and management team to bring Oriental to the next level of performance.”

Oriental’s Chairman, Mr Wu Dingrong, commented:

“Mr Lee has made great contributions to the Group’s strategy and business development in recent years. He possesses the requisite experiences and capabilities to carry out his new duties as the CEO. We expect his continuous contribution and valuable guidance to the Group in growing business and strengthening our core competency.”

Mr Lee, who joined Oriental in 2011, was in-charge of corporate affairs and investment-related matters in the company. He had been responsible for transforming the group from a food company to what it is now. As a newly-minted CEO, Mr Lee will be overseeing the overall management and daily operations, and performance of the firm.

Oriental is trading at a historical price-to-earnings ratio of 36.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.