Singapore's IDA rejects SingPost's postal rate hike proposal
The InfoComm Development Authority said it has rejected the proposal of Singapore Telecommunications Ltd unit Singapore Post to raise domestic postage rates for mail weighing 20 and 40 grams.
“This decision was arrived at after a detailed review of SingPost’s proposal and an audit of SingPost’s figures,” IDA said.
“IDA’s audit and review of SingPost’s proposal concluded that SingPost’s current postage rates for the 20 and 40 gram mails are sufficient to cover the cost of providing the service, including a reasonable return on capital. Hence, SingPost’s request was rejected.”
SingPost closed up 0.005 sgd at 0.645, while parent SingTel gained 0.01 sgd at 1.54.
