Prices plunged in frantic selling on the Singapore and Kuala Lumpur stock exchanges today as trading reopened after a three-day halt. Trading on both exchanges was suspended on Monday to prevent panic selling after Pan-Electric Industries went into receivership. Prices dropped by 20 to 30 percent today, and brokers warned that the worst was yet to come. The share values fell more than USD $460 million across the board.
All trading on Stock Exchange of Singapore (SES) was suspended. 5 December 1985, Trading resumes on SES on immediate delivery basis only and was lifted the following day.
The Pan-Electric Industries Company Rescue plan falls through as Tan Koon Swan, a Malaysian politician and millionaire refuses to pump in SGD $40m unless repayment priority is raised; creditors refuse. Earlier on 24 November 1985, Tan Koon Swan had agrees on an interest-free loan Legal impediment arises – money from Tan Koon Swan comes from Sigma, which owns more than 20% of Pan-El and is therefore not allowed to lend it money under the Companies Act. the troubled company that had triggered a crisis on the Singapore and Kuala Lumpur stock markets. On 9 October 1986, the Singapore Court orders Pan-El to wound up.
Non-graduate single youths could now turn to the Social Development Section for more opportunities to meet and pair off with members of the opposite sex. The SDS, formed under the People’s Association’s youth division, followed the example of the Social Development Unit, the match-making body for graduates. Initially aimed at youths with GCE O Levels, the SDS was extended to those with A Levels in 1990. The SDS merged with the Social Promotion Unit in 1995 to become the Social Development Service. And, in a further synergisation, this new SDS itself would come together with the SDU to become one. This new outfit would, among other things, do accreditation of private sector dating agencies.
Heavy morning rain caused flooding along Braddell Road, near Westlake Secondary School, and the junction of Bukit Timah and Cluny roads were under 0.3 Meters of floor water.
A Republic of Singapore Air Force (RSAF) pilot, Captain Tan Jui Song, ejected safely when his A-4 Skyhawk crashed in Central Luzon in the Philippines. Capt Tan was rescued by a United States Air Force helicopter operating from Clark Air Base.
For the first time, SAF recall code names were flashed across cinema and TV screens and announced over radio and Rediffusion. Sea King, Fire Fly, Rare Gem and Baby Tooth were the first names used for units affected by the open mobilisation exercise for reservists. Some 8,400 out of 10,000 men responded within three-and-half hours, though they were given up to six hours to do so.
The first case of HIV infection in Singapore was detected in May 1985 and this patient was warded at the Middleton Hospital which later became the Communicable Diseases Centre. Soon after this two more cases were reported. All the three cases of AIDS here were discovered by Dr. K.V. Ratnam, a dermato-immunologist at the Middle Road Hospital. The government reacted immediately to the discovery of HIV-positive cases in Singapore by forming the Advisory Committee on AIDS in the same year, 1985. This committee formulated an action plan called the National AIDS Control Programme to implement control measures for the prevention of HIV incidences in Singapore.
The government of Singapore ordered eight F-16 fighter jets and took an option for 12 more. The F-16/79 Variant was a cost-reduced version of the Fighting Falcon powered by the General Electric J79 turbojet rather than the F100 turbofan. This purchase was under the Peace Carvin I Foreign Military Sales program, and was intended to replace the ageing Hawker Hunters still serving with the Republic of Singapore Air Force since 1969.