DESIGNATED ACCOUNTS
For those who have CDP accounts, their special discounted shares will be automatically transferred to these accounts.
Shareholders who do not have accounts will have their shares transferred to designated CDP accounts created in their names. This transfer is planned for November.
From Apr 8, subsidiary legislation was changed to waive CPF’s withdrawal conditions for the sale of the shares. This means that those who hold the shares and choose to sell them can withdraw the proceeds in cash, Singtel and the CPF Board said previously.
Shareholders who wish to sell can do so either online, in person at SingPost branches or through select SGX brokers. The payment will be made to the shareholders’ registered bank account with the CPF Board.
As of the end of April, 13 per cent of the shareholders, or around 83,000, have sold their shares, said Mr Dinesh.
In response, Mr Dinesh said that this decision was made recognising that not everyone needs an individual CDP account, particularly those who do not intend to trade or hold other shares.
The government also cannot open individual CDP accounts on behalf of shareholders because doing so requires them to complete comprehensive compliance screenings, including tax residency declarations and risk appetite assessments, he added.
