KEPPEL SHIPYARD (Acquisition of Straits Steamship shares)

Mr J.B. Jeyaretnam asked the Minister for Finance and Minister for Trade and Industry whether he will make a statement on the acquisition by the Government company, Keppel Shipyard, of the shares in Straits Steamship.

The Minister for Finance and Minister for Trade and Industry (Dr Tony Tan Keng Yam): Mr Speaker, Sir, I have no statement to make on a purely commercial transaction which has already been fully reported in the press.

Mr Jeyaretnam: Does the Minister not realise that he has a duty in this, Keppel being a company in which the public are interested, their monies invested in it, it is a government-owned company. Does the Minister really think that he can get away without making any statement?

Dr Tony Tan Keng Yam: Mr Speaker, Sir, the acquisition by Keppel Shipyard of the shares in Straits Steamship was, as I have said, a commercial transaction which was done by a publicly-listed company taking over another publicly-listed company, and as such I see no need to make a statement.