Citibank establishes American Depositary Receipt program for Singapore Telecommunications Limited.

NEW YORK--(BUSINESS WIRE)--August 7, 1995--Citibank, N.A. announced today that it has established a sponsored American Depositary Receipt (ADR) program for Singapore Telecommunications Ltd.

The ADR program for which Citibank acts as depositary will trade over-the-counter. Each American Depositary Share (ADS) issued under the program represents ten ordinary shares. The ADRs will trade under the symbol "SGTCY" (cusip no.82929R106).

"We are very pleased to have helped our client Singapore Telecommunications establish this new ADR program, which will provide a solid foundation for them in the U.S. capital markets," said David Conner, chief country officer, Citibank, Singapore.

"This ADR program improves our investor service as it better facilitates the trading of our ordinary shares for our shareholders in the United States," said Chua Sock Koong, senior vice president, Corporate Affairs and Finance, of Singapore Telecom.

According to the company, Singapore Telecommunications Ltd. is the sole provider of fixed-line national, international and mobile telecommunications services in Singapore, as well as basic mail services such as letters and postcards. The company owns the nationwide network of local telephone lines and all national exchanges, as well as all international exchanges, telecommunications transmission and radio communication facilities related to its operations. It also has interests in certain submarine cable systems and communication satellite facilities related to its operations.

According to the company, for the year ended March 31, 1995, turnover was S$3.52 billion (approx. US$2.5 billion) and net profit attributable to shareholders amounted to S$1.35 billion (approx. US$964.29 million).

Citibank officials noted that they expect to see strong interest in the idea of issuing depositary receipts among companies throughout Asia for the balance of the year. "We're working closely with leading corporates and financial institutions throughout the region who plan to access the international markets through the depositary receipt structure," said Sarabjit Singh Chhatwal, Citibank's regional sales director for ADRs and GDRs in South Asia.

Citibank, which serves over 500 depositary receipt programs worldwide, began offering depositary receipt services to clients in 1928 and has been a market leader as well as the top market innovator in recent years. With a local presence in 95 countries and unparalleled strength in delivering on-line information through its proprietary systems and network, Citibank is uniquely qualified to support the funding needs of companies around the world.

With over 2,000 employees and three branches, Citibank, Singapore is a full licensed foreign bank with developed businesses in consumer banking, credit cards, commercial and corporate banking. Citibank, Singapore delivers a wide array of products and services to meet the operating, funding, investment and risk management needs of its clients throughout Asia.

CONTACT: Citibank N.A., New York 

Jarvis Cromwell, 212/657-0195

or

Singapore Telecommunications

Chua Sock Koong, SVP, 011-65-838-2894