Singapore yesterday set in motion its ambitious plan to privatise government agencies, saying it will sell 6% to 8% of giant Singapore Telecom in the first public offering in October – a small portion, but by far the largest issue offered on the Singapore stock exchange in both value and the number of shares; the float is expected to add as much as $12,000m to the booming local market’s capitalisation; about half of the initial sales will be made through a tender, with no restrictions on foreign investors and the rest will be allocated to Singapore citizens, about half being sold at a 45% discount to participants in the country’s mandatory retirement savings scheme; the aim is to sell up to 25% in tranches over five to seven years.
