SGX Filing: Divestment of stake in Capital OK Company Limited

DBS Group Holdings ("DBS") wishes to advise that its wholly-owned subsidiary, DBS Bank Ltd., plans to sell its 24.69% stake in Capital OK Company Limited ("Capital OK") to Shin Corporation of Thailand PCL ("Shin"). Established in December 2003, Capital OK is a consumer finance joint venture between DBS and Shin. Capital OK will become a wholly-owned subsidiary of Shin upon completion of this transaction.

The consideration for the sale is 665 million baht (S$28 million). This was arrived at by mutual agreement between both parties by reference to the net book value of Capital OK. The consideration will be fully settled in cash upon completion of the sale documents with Shin, expected by end October 2006. The sale has no material impact on the financial position and operations of the DBS Group.

The sale is in line with DBS' plan to focus its presence in Thailand on its 16.1% stake in TMB Bank, the fifth largest bank in Thailand by assets. DBS remains committed to Thailand and has dedicated resources to work closely with TMB Bank management to continue the transformation of the TMB Bank franchise.