DBS DECLINES TO SUBSCRIBE TO TMB BANK RIGHTS ISSUE
SINGAPORE, 24 Dec 2007 - DBS said today that it did not subscribe to its share of the public offer in TMB Bank’s current recapitalisation exercise. DBS' existing 16.1 per cent stake in TMB is expected to be reduced to 6.8 per cent assuming full subscription of the proposed offer.
DBS had earlier welcomed TMB’s recapitalisation plan and, having regard to the interest of all TMB shareholders, voted in favour of the resolutions at an extraordinary general meeting on 27 November. DBS’ decision not to subscribe to its share of the offer is consistent with its intention to reduce its participation in the strategic direction of TMB given the change in TMB’s post-recapitalisation shareholding structure.
Thailand is an important market in Asia and DBS will continue to work with the Ministry of Finance and the Bank of Thailand as it assesses its options in the country.
Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with operations in 15 markets. The largest bank in Singapore as measured by assets, and a leading bank in Hong Kong, DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region. DBS has leading positions in corporate, SME and consumer banking, treasury and markets, wealth management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in China, India, Indonesia, Malaysia, Thailand and The Philippines. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.