Singtel to transfer SDS shares from CPF to CDP for direct ownership
The median shareholder holds shares worth approximately $6,800 as of April.
Singtel Group has initiated an exercise to transfer Singtel special discounted shares (SDS) from the Central Provident Fund (CPF) Board to individual central depository (CDP) accounts.
The move will allow approximately 615,000 SDS holders to directly own and manage their shares.
The transfer is targeted for 21 November 2026, subject to the passage of amendments to the CPF Act introduced in Parliament on 7 April.
This ends a trustee structure introduced in 1993, under which the CPF Board held the shares on behalf of investors who purchased discounted Singtel stock using CPF savings.
The shares are currently held in the CDP accounts under the CPF Board’s name, which acts as the trustee.
The median holder has approximately 1,360 Singtel SDS, including shares purchased in 1993 and 1996 at a total cost of around $2,000 and additional loyalty shares equivalent to 40% of their original shareholdings.
The media shareholder holds shares worth approximately $6,800 as of April. The median SDS holder today would have received around $5,000 in cumulative dividends.
CPF withdrawal rules will also be eased. From 8 April, investors who sell their SDS can withdraw proceeds in cash instead of retaining them in their CPF Ordinary Account.
The Board and Singtel will distribute hardcopy notification letters to all SDS holders by the end of April to inform them of their holdings and options.