SINGAPORE POOLS (PRIVATE) LIMITED (Use of profits)

Mr Yeo Choo Kok asked the Minister for Finance (a) what were the profits of the Singapore Pools (Private) Limited during the past five years; (b) how the profits have been used; and (c) whether he will use a portion of the profits to provide scholarships to needy and outstanding students and to construct sports complexes in housing estates where sports facilities are much needed.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, the net profits of Singapore Pools (Pte) Ltd during the past five years were as follows:- FY Profits 76/77 $ 10,068,327 77/78 $ 11,976,565 78/79 $ 13,983,722 79/80 $ 16,100,813 80/81 $ 15,452,474

In 1980, Singapore Pools declared a dividend of $75.6 million out of its accumulated profits which was credited to the Government consolidated revenue.

Singapore Pools is now held by Temasek Holdings Ltd and its profits will be treated like those of any other member company in this group. It is unlikely that Singapore Pools will allocate much money for charitable purposes, including the provision of scholarships to needy and outstanding students and the construction of sports complexes.