NEWSPAPER COMPANIES (Compliance with Newspaper and Printing Presses Act)

Mr Yeo Choo Kok asked the Minister for Communications and Acting Minister for Culture (a) how many newspapers have complied with the provisions of the Newspaper and Printing Presses Act within the stipulated period; and (b) how many individuals hold 3% shares in those newspapers.

Dr Ow Chin Hock (for the Minister for Communications and Acting Minister for Culture): Mr Speaker, Sir, the Newspaper and Printing Presses Act stipulates that no person shall hold more than 3% of the ordinary shares in a newspaper company. All the newspaper companies with the exception of Singapore Publishing Company Limited (publisher of Min Pao Daily) have complied with this provision within the stipulated period. There were two shareholders in the Singapore Publishing Company Limited who held ordinary shares in excess of 3%. As they have passed away, distribution of their shares to meet the 3% requirement awaits the settlement of claims to their estate.

The answer to part (b) is 48. As on 12th March, 1979, a total of 48 individuals hold 3% shares in those newspaper companies that have complied with the provisions of the Act.