Singapore Exchange And Securities Association Of Singapore To Facilitate Opening Of Trading Accounts For Singtel Shareholders

Singapore Exchange Limited (SGX) together with the Securities Association of Singapore (SAS) has invited SAS members to open accounts for those SingTel shareholders who wish to sell their SingTel shares but do not have trading accounts with broking firms.

Members of the SAS that will provide this service are DBS Vickers Securities (Singapore) Pte Ltd (which has provided this service since 30 September 2004), DMG & Partners Securities Pte Ltd, Fraser Securities Pte Ltd, G K Goh Stockbrokers Pte Ltd, Lim & Tan Securities Pte Ltd. The details of the participating brokerages can be viewed on clicking here.

The procedure for the opening of such trading accounts has been simplified. SingTel shareholders will need to provide their NRIC together with the following:

For those using CPF savings, their latest CPF statement showing SingTel shareholdings after capital reduction (STA and ST2 shares)
For SingTel B shareholders (using cash), their SingTel notification from the CDP on capital reduction and shareholdings

Upon opening the account, they will be able to effect the sale of SingTel shares either on the same day or the following trading day. The commission rate applicable for above 500 shares of STA and ST2 will be 0.75% or minimum of $10.00 whichever is higher; for less than 500 shares, the commission payable shall be 0.75% or minimum $3.00 whichever is higher.

These rates are comparable with Authorised Trading Centre (ATC) rates. This express service and special commission rate is exclusively made available to SingTel shareholders from 7 October to 30 December 2004 after which SingTel shareholders will still be able to sell their shares at the brokerages, but at normal rates.

SGX has made this joint effort with SAS in addition to its earlier decision to extend the ATC facility at DBS Bank's Shenton Way Branch till 30 December 2004. However, SGX and SAS would like to clarify that this effort is not intended to encourage sale of SingTel shares. They would like to assure SingTel shareholders that they can sell their shares anytime even after 30 December 2004 at any of the broking houses, so there is no need to rush to do so.