R.I.P: Andrew Ng.
Photo: SCMP
THE LONG-TIME Chairman and CEO of GP Batteries International, which is listed on the Singapore Exchange, has reportedly taken his own life.
One of the longest serving top honcho of a Singapore listed company, Andrew Ng Sung On, 64, died on 17 April after apparently leaping off the building where he worked in Kwai Chung, Hong Kong.
His briefcase and tablet computer were found on the roof of the eight-storey Gold Peak Building.
No suicide note was found. He leaves behind his wife and a son.
The South China Morning Post quoted a police source saying Mr Ng was suffering from depression over work-related matters.
The website of GP Batteries currently carries a black-and-white banner in which the board expressed its deep sorrow over his death and conveyed its condolences to his family.
The holder of a master's of science degree in chemical engineering from the Massachusetts Institute of Technology, USA,Mr Ng was also vice-chairman of Hong-Kong listed Gold Peak Industries, the parent company of GP Batteries.
Mr Ng has helmed GP Batteries, world-famous for batteries of the same name, since 1993. That's a good 21 years out of the 23 years that GP Batteries has been a listco on the Singapore Exchange.
After touching $1.21 in Feb 2013, GP Batteries stock has slumped by 50% to 56 cents recently, leaving the company with a market cap of S$62 million. Chart: BloombergMr Ng has led GP Batteries to emerge as one of the world’s major suppliers of primary and rechargeable batteries.It has also become the largest consumer battery manufacturer in China.
The recent performance has not been encouraging, though.
For the 9MFY2014 (ended 31 Dec 2013), GP Batteries suffered a S$25.9 million loss attributable to equity holders (9MFY13: Net profit of S$2.99 million).
This stemmed largely from an impairment loss of S$26.3 million (non-cash in nature) for GP Batteries' investment in, and receivables from, Vectrix Group, a manufacturer of electric scooters. As of Jan 2014, a decision was taken to wind down the Vectrix venture.
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