---
endpoint: analytics
pattern: Telecoms
status: done
latency_ms: 123583
conversation_id: 3cf64eff-b64a-4e98-baea-925af89f07e2
citations: 3
created: 2026-05-31 18:33:57Z
---

# Who are the key shareholders of Singtel?

# Singtel (SGX: Z74) — Key Shareholders

## Controlling Shareholder

**Temasek Holdings (Private) Limited** is the sole **substantial shareholder** of Singtel and has been the cornerstone investor since privatisation. Per Singtel's official Register of Substantial Shareholders disclosed in the Annual Report (as at 3 June 2024), Temasek held:

- **Direct interest**: 8,304,071,181 shares
- **Deemed interest**: 277,171,369 shares (held via subsidiaries/associates) [1]

Combined, this gives Temasek **~51.84% direct + deemed** of issued shares (excluding treasury) per the most recent Letter to Shareholders disclosure, which has trended upward to approximately **52.5%** at the most recent Latest Practicable Date as the company has executed share buybacks under its mandate, mechanically lifting Temasek's stake share [2].

## Top 20 Major Shareholders (from Singtel Annual Report, "As at 3 June 2024")

| Rank | Shareholder | Shares Held | % of Issued Capital |
|------|-------------|-------------|---------------------|
| 1 | **Temasek Holdings (Private) Limited** | 8,304,071,181 | 50.29% [1] |
| 2 | Citibank Nominees Singapore Pte Ltd | 2,125,535,210 | 12.87% [3] |
| 3 | DBSN Services Pte. Ltd. | 1,507,581,718 | 9.13% [3] |
| 4 | HSBC (Singapore) Nominees Pte Ltd | 906,363,121 | 5.49% [3] |
| 5 | Raffles Nominees (Pte.) Limited | 804,126,357 | 4.87% [3] |
| 6 | **Central Provident Fund Board** | 737,334,544 | 4.47% [3] |
| 7 | DBS Nominees (Private) Limited | 559,055,211 | 3.39% [3] |
| 8 | Atrium Investments Pte Ltd | 184,900,210 | 1.12% [3] |
| 9 | BPSS Nominees Singapore (Pte.) Ltd. | 126,224,114 | 0.76% [3] |
| 10 | United Overseas Bank Nominees (Private) Limited | 62,260,707 | 0.38% [3] |

## Key Observations

- **State-linked ownership dominates**: Temasek (the Singapore government's investment arm) controls ~52% directly/deemed [2], and the **Central Provident Fund Board** (Singapore's statutory pension fund) holds another ~4.5% directly [3]. Together, Singapore-government-linked entities own roughly **56–57%** of Singtel.
- **Custodian/nominee accounts dominate the free float**: Ranks 2–5, 7, 9–10 are nominee/custodian accounts (Citibank, DBSN, HSBC, Raffles, DBS Nominees, BPSS, UOB Nominees) — these are book-entry vehicles holding shares on behalf of institutional and retail clients, not beneficial owners.
- **Shareholding limit**: Singtel's Constitution prescribes a **15% shareholding limit** on any single person or related group (excluding parties approved by the Board), which is why Temasek is the only entity carrying a substantial-shareholder disclosure [2].
- **Free float**: Approximately **47–48%** of issued shares (excluding treasury) is held by the public, with that share modestly shrinking over time as the company executes buybacks under its Share Purchase Mandate [2].

## Internal Research Cross-Reference

CLSA's June 2025 Singapore strategy note ("Strength in defence") features Singtel as a core defensive holding on its asset-recycling and capital-return programme (upsized from S$6bn to S$9bn) — the analysis flows directly from Temasek's controlling-shareholder position enabling balance-sheet discipline and a clear capital-return mandate, but the CLSA note does not separately enumerate Singtel's shareholder register.

---
**Sources**
[1] Singapore Telecommunications Limited — Annual Report (Shareholder Information section, "As at 3 June 2024") — Substantial Shareholders table & Major Shareholders Top 20 list
[2] Singapore Telecommunications Limited — Letter to Shareholders (Share Purchase Mandate disclosure) — Latest Practicable Date Temasek interest 8,659,637,100 shares (~52.5%)
[3] Singapore Telecommunications Limited — Annual Report — Major Shareholders List Top 20 (Citibank Nominees, DBSN, HSBC Nominees, Raffles Nominees, CPF Board, etc.)

## Citations

- [1] **Annual Reports and Related Documents** · external
- [2] **Annual Reports and Related Documents** · external
- [3] **Annual Reports and Related Documents** · external

