HOME-GROWN electronic components distributor Serial System will be donating more than $2 million to charity, to mark its 25th anniversary.
At an event held at Resorts World Singapore on Friday, the company presented cheques to each of the five community development councils (CDCs).
The company will be donating $100,000 a year to each CDC, starting next year, for three years - or $1.5 million in all.
Zhi Zhen Tan Dao Xue Hui, a Taoist charity organisation founded by Serial System's executive chairman, will pledge $50,000 a year to each of the five CDCs over the next three years - or $750,000 in all. The combined figure comes to $2.25 million.
The donations, to be used as financial assistance for the needy, will be matched by the Government dollar-for-dollar, which will yield a total of $4.5 million.