singtech-cfo

SingTech CFO

SingTech CFO Ng Boon Yew replies to our article on the company''s exchangeable bonds.

Dear Jackie

I refer to your news report Singapore Technologies All's well that ends well on Monday 6 October 2003 which contained a number of significant errors.

Your report attributes the Singapore government as having made the decision by Singapore Technologies Pte Ltd STPL to issue exchangeable notes for its shares in CapitaLand Ltd and ST Engineering Ltd. There is absolutely no basis for this presumption in your report.

I would like to point out that STPL is an independent company that manages its businesses on a commercial basis to maximise long term shareholder returns. STPL's decisions with respect to its businesses are taken solely by the...

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