To make Singaporeans a share-owning society and give Singaporeans a greater stake in the country, Singaporean CPF members were able to buy Discounted Singapore Telecom (SingTel) shares in 1993 (ST "A" shares) and 1996 (ST2 shares).
Members who held on to their discounted SingTel shares were entitled to loyalty shares.
Loyalty Shares were given on the first, second, fourth and sixth anniversaries of both SingTel Share Offers. Thus, Loyalty Shares from the first offer were fully given in 1994, 1995, 1997 and 1999. Loyalty Shares from the second offer were also fully given in 1997, 1998, 2000 and 2002.