ALLOTMENT OF SINGAPORE TELECOM SHARES

Mr Tong Kok Yeo asked the Minister for Finance, in view of the impending flotation of Singapore Telecom shares, whether employees of Singapore Telecom group of companies and the Telecommunication Authority of Singapore will be given preferential allotment of shares.

Note: The Member has stated: "In asking this question, I wish to declare my interest as the General Secretary of the Union of Telecoms Employees of Singapore; Executive Secretary of the Telecommunication Authority of Singapore Staff Union; and an employee of Singapore Telecom."

Dr Richard Hu Tsu Tau: The staff of Telecommunication Authority of Singapre, being public officers, will not be given any preferential allotment of ST shares. As for the employees of the Singapore Telecom group of companies, the matter is being studied and a decision will be made in due course.