'There may be adjustments in the phasing and timing of further disposals'

SingPost has cautioned that while it has in place a divestment strategy to monetise its various non-core assets and businesses, there is "no certainty" that any of the previously flagged transactions will take place.

The company was in the news recently for firing its top three executives including group CEO Vincent Phang, thus raising questions if its ongoing moves to monetise assets, cut debt and potentially pay out special dividends to shareholders will continue.

Of particular interest is the sale of FMH in Australia for an enterprise value of more than A$1 billion. SingPost has reiterated that the sale is going ahead and is seeking shareholders' nod at an EGM to be called by the end of February.

Maybank Securities has put out an estimate that up to 86 cents worth of special dividends can be potentially paid over the coming couple of years if the various assets are monetised. In its Jan 3 strategy note, Maybank has identified SingPost as one of its ten top picks for the year, with a target price of 77 cents.

However, in its Jan 6 announcement, SingPost references a recent report by Maybank Securities that the sale of Famous Holdings, another of these units, is to be concluded by the end of this month and raise between $80 and $100 million in proceeds.

"No definitive or binding agreement in relation to the sale of Famous Holdings has been entered into at this time," says SingPost.

The company reiterates its Dec 29 announcement where following the termination, "there may be adjustments in the phasing and timing of further disposals – the board will review and restate its strategy in due course."

Besides Phang, the other two executives fired were group CFO Vincent Yik and Li Yu, head of the international operations unit.

All three individuals are contesting their termination and SIAS is calling for an independent inquiry.

SingPost shares closed at Jan 3 at 56 cents, up 2.78%.