\n<\/p>\n
The Singtel special discounted shares scheme was introduced in October 1993, when Singtel became a publicly listed company.\u00a0<\/span><\/p>\n Through the scheme, Singaporeans who were CPF members could buy Singtel shares at a discounted price during its IPO in 1993 and again in 1996 using their CPF funds.<\/span><\/p>\n The shares, sold in two tranches in 1993 and 1996, are also known as ST “A” shares and ST2 shares respectively.\u00a0<\/span><\/p>\n At the time, the CPF Board was appointed as the trustee for Singtel\u2019s special discounted shares. The scheme was introduced as part of the government\u2019s plans to make Singapore a share-owning society, giving Singaporeans a greater stake in the country.<\/span><\/p>\n Singtel is the first and only company that sold shares through this scheme, with more than a million Singaporeans buying shares at the time.<\/span><\/p>\n Mr Dinesh said the\u00a0special discounted shares scheme has already achieved its intent of building up the assets of CPF members.<\/span><\/p>\n “This move also reflects how far we have come since the scheme’s inception,” he added.<\/span><\/p>\n “With the transfer, SDS (special discounted shares) holders will benefit from greater control, and those who do not wish to participate in the transfer can also choose to realise the capital gains that they have made over the decades.”<\/span><\/p>\n After the parliamentary session, Singtel Group CFO Arthur Lang said the passing of the Bill provides clarity and certainty for holders of special discounted shares.<\/p>\n “This marks the end of a positive chapter, and we are pleased that the Singtel SDS scheme launched over 30 years ago has served its purpose in encouraging Singaporeans to have a stake in the economic success of the country,” he added.\u00a0<\/p>\n “Going forward, our commitment is to work with the CPF Board, CDP and our other partners to complete this exercise in a way that is orderly, well-supported and firmly in the best interests of all our shareholders.\u201d<\/p>\n Singtel said that over the past month, there have been about 60,000 walk-ins to the 36 SingPost branches across the country.\u00a0<\/p>\n The SDS hotline run by Singtel also received about 6,800 calls as of end-April, with 300 calls daily on average. Wait times for both SingPost and the SDS hotline have been well within the set service quality standards, the telco added.<\/p>\n “An exercise of this scale is a significant and complex logistical undertaking, with preparations months in the making,” said Mr Lang.<\/p>\n “Together with the CPF Board, CDP and our other stakeholders, we took every care to ensure that systems and service levels would cope with the potential crowd so that SDS holders would be well supported, whatever avenue they turn to for assistance.”<\/p>\n<\/div>\n