SINGAPORE TELECOM SHARES (Automatic allocation to CPF members)

Dr Toh Keng Kiat asked the Minister for Finance, when Singapore Telecom shares are offered to the public later in the year, whether the Government will consider automatic allocation of a number of these shares to all Central Provident Fund members who have participated in the top-up scheme.

Dr Toh Keng Kiat: Sir, in asking Question No. 9, I want to declare that I am an active CPF contributor.

The Minister of State for Finance (Cdre (Res) Teo Chee Hean)(for the Minister for Finance): Mr Speaker, Sir, I am replying on behalf of the Minister for Finance.

Since Singapore Telecom shares are likely to be seen as attractive and many Singaporeans will want to buy them, Government is in the process of working out a mechanism to make it convenient for them to do so. The details are still being worked out and will be announced when they are finalised.