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Creative axed 2,700 jobs since June 2007


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Halved its workforce

 

In its annual report submitted to the Singapore Exchange on Wednesday, Creative Techologies lists it had 3,100 full-time employees at the end of June 2008.

This is a 47 percent drop in the size of its workforce year-on-year, as the company employed 5,800 in 2007. More worryingly, we don't know what happened after June 2008, i.e., after the global financial crisis reached its peak.

Creative was delisted from Nasdaq in 2007, after 15 years of trading following its IPO in August 1992. It is currently being traded solely on the Singapore exchange, and its biggest shareholder is founder and CEO, Sim Wong Hoo, with 31.1 percent.

As the company was listed in the U.S. for 15 years, it still has an unknown number of U.S. shareholders. The official number is just 208, but most of these are brokers, so the actual number is almost impossible to ascertain.

On Friday, Creative was trading at $4.20, having lost 32 percent in 2008, which is still quite good compared to the 49 percent decline in Singapore’s benchmark Straits Times Index.

You can find the annual report here.

Last modified on 05 January 2009
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