|
DBS GROUP HOLDINGS LTD
(Incorporated in the Republic of Singapore)
PROPOSED SHARE PURCHASE MANDATE FOR DBS GROUP HOLDINGS LTD
At an extraordinary general meeting of DBS Bank on 28 July 1999, the Bank's shareholders approved the adoption of a share purchase mandate.
On 18 September 1999, DBS Bank was restructured as a wholly owned subsidiary of DBS Group Holdings Ltd ("DBSH"). Consequently, DBS Bank was delisted from the Main Board of the SES, and DBSH listed in its place, trading under the symbol DBS. As a result of this restructuring, DBS Bank's share purchase mandate is no longer in effect.
Directors of DBSH are now proposing the adoption of a similar share purchase mandate to permit DBSH to purchase its issued Ordinary Shares. This mandate will provide DBSH with greater flexibility in managing its capital and maximising returns to shareholders. The share purchase mandate will operate in the manner and on the terms described in a Circular to be despatched to shareholders in due course.
DBSH Group is the largest banking group in Singapore and ASEAN in terms of shareholders' funds and total assets, which amounted to S$10.5 billion and S$111.4 billion respectively at 30 June 1999.
|