Singapore Telecommunications (SGX:Z74) disclosed a plan to transfer special discounted shares (SDS) from the Central Provident Fund (CPF) Board to the Central Depository (CDP) accounts of SDS holders, according to a Tuesday filing with the Singapore Exchange.

The telco's shares were down nearly 2% in recent trade.

Presently, the company's SDS are currently held in the CDP accounts under the CPF Board's name, the filing said.

The move, enabled by a bill introduced in Parliament on April 7, will see the mass migration of SDS on Nov. 21, subject to the bill being passed. No action is required for the SDS holders wishing to keep their Singtel SDS holdings.

However, a waiver has been announced for SDS holders looking to sell their shareholding. They will be able to withdraw sale proceeds in cash, instead of having to retain the sale proceeds in their CPF, effective April 8, the filing added.