SINGAPORE - In an attempt to boost the country's outlook, the Government will give Central Provident Fund (CPF) members Singapore shares from the start of next month.
The distribution of New Singapore Shares is specially weighted in favour of less well-off Singaporeans to help them during the current economic downturn.
Worth SGD1 (55c) per share, the shares are expected to earn annual dividends for five years, from 2002 to 2007. The dividend rate will be a guaranteed minimum of 3% per annum.
The shares will not be transferable or tradable. However, citizens can cash them in with the Government for SGD1 per share. Citizens who keep their New Singapore Shares until maturity will earn the maximum amount of dividends. On March 1, 2007 the Government will redeem in cash all shares still outstanding at SGD1 per share.
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