Reuters India, 22 Dec 2008, Kevin Lim
Singapore's DBS Group (DBSM.SI: Quote, Profile, Research), Southeast Asia's biggest lender by assets, said on Monday it plans to raise about S$4 billion ($2.74 billion) through a rights offering to shore up its capital.
The bank will offer shareholders one new share for every two existing shares at S$5.42 apiece, which is a discount of about 45 percent to Friday's closing share price. DBS said it would lift a suspension on trading in its shares at 0600 GMT on Monday.
Singapore state investor Temasek [TEM.UL], DBS's largest shareholder with 27.6 percent, has agreed to subscribe for up to one-third of the rights issue, the bank said in a statement.
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DBS Plans S$4 Billion Rights Offering at 45% Discount (Update1) - Bloomberg, 22 Dec 08
DBS Group to raise $2.7 billion - International Herald Tribune, 22 Dec 08
DBS Group Announces S$4 Bln Rights Issue; Maintains December Qrtr. Dividend - RTTNews, 22 Dec 08
DBS ro raise S$4b in rights issue - The Standard, 22 Dec 08
DBS Sets Rights Issue - The Wall Street Journal, 23 Dec 08
DBS of Singapore to Raise $2.76 Billion - The New York Times, 23 Dec 08
