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Singapore's DBS to raise $2.8 bln by rights offer
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17:05, December 22, 2008

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Singapore's DBS Group Holdings Ltd (DBS), the country's largest bank measured by assets, said on Monday that it plans to raise 4 billion Singapore dollars (about 2.8 billion U.S. dollars) by offering a rights issue.

The bank said in a statement that it will offer one new ordinary share for every two existing shares.

"The rights issue will enable DBS to capture opportunities to entrench our market position in key Asian markets and confidently weather the economic uncertainties ahead," Richard Stanley, DBS Chief Executive Officer, said in the statement.

DBS also said the capital raising is not intended for any merger and acquisition activity or extraordinary provisions.

According to the statement, DBS' largest shareholder, Temasek Holdings Limited, has agreed to subscribe for up to one-third of the rights issue through a sub-underwriting arrangement.

DBS reported in November a 38 percent fall in quarterly net profit to 379 million Singapore dollars (about 263 million U.S. dollars) and said it would cut 900 jobs or 6 percent of its staff.


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