PSA takes first step to sell-off

PUBLISHED : Friday, 11 July, 1997, 12:00am
UPDATED : Friday, 11 July, 1997, 12:00am

A bill to dissolve the Port of Singapore Authority as a statutory board is due to be introduced into Parliament today, paving the way for its corporatisation.

The transformation will serve as a precursor to an eventual stock market listing.

It will be renamed PSA Corp and assume the structure of a public company, but for the time being will still have the Singapore Government as its sole shareholder.

No date has been set for privatisation. However, given its strong record, it may be granted a waiver to the three-year profit record as a private company normally required before listing.

Preparations within the PSA have been under way for some time. In May, the PSA underwent an internal restructuring to make it more efficient and businesslike, making its operations more clearly defined. The more aggressive attitude to business being fostered in management has seen the PSA start expanding heavily overseas.

The PSA Dissolution Bill, to be introduced by Communications Minister Mah Bow Tan, will have its first reading today.