The SDS provides shareholders with the option of receiving their dividends in the form of shares instead of cash. Participation in the SDS is optional.

The SDS is currently available only to shareholders with registered local addresses. This is to avoid possible violations of securities laws in other countries. Please refer to the attached terms of the SDS.

Shareholders who wish to participate can either opt to receive scrip for only the dividend being declared, or they can opt to receive scrip permanently for future dividends. Please note that the scrip option may not be made available every time a dividend is declared. Therefore, shareholders choosing the permanent option will only receive scrip for those dividends where the SDS applies.

Shareholders will receive a form called a Notice of Election whenever the SDS is available for a dividend being declared. They should make their choices known and return the form by the specified deadline to the Central Depository (CDP), which is the agency processing the form:

The Central Depository (Pte) Limited
4 Shenton Way #02-01
SGX Centre 2
Singapore 068807
Tel: 6535 7511

For shareholders holding scrip shares, the form should be returned to the Share Registrar:/>

Tricor Barbinder Share Registration Services
(A division of Tricor Singapore Pte. Ltd.)
80 Robinson Road
#02-00
Singapore 068898
Tel: 6236 3333

For shareholders who have bought shares using CPF funds, or hold shares through other depository agents/nominees, please refer to questions 10 and 11.


No. When the SDS applies to a dividend, DBS will make it known in the scrip dividend announcement.

The amount will be set during a Price Determination Period (PDP), which typically consists of several SGX-ST trading days. The issue price will be the average of the daily closing DBS share prices during the PDP. A discount of no more than 10% may be applied to the average share price. Shareholders should take note that the discount may vary with each dividend. DBS will make known the applicable discount in each scrip dividend announcement.

If the SDS applies to a dividend, shareholders whose shares are held in CDP on the book closure date will receive a Notice of Election. Shareholders should take note of the date that the Notice of Election will be despatched, which will be made known in the scrip dividend announcement.

If a shareholder has not received the Notice of Election after five working days of the despatch date, he should pick up another copy of the Notice of Election, if he has a CDP account, from CDP:

The Central Depository (Pte) Limited
4 Shenton Way #02-01
SGX Centre 2
Singapore 068807
Tel: 6535 7511

A shareholder without a CDP account can get another copy of the form from the Share Registrar:


Tricor Barbinder Share Registration Services
(A division of Tricor Singapore Pte. Ltd.)
80 Robinson Road
#02-00
Singapore 068898
Tel: 6236 3333

For shareholders who have bought shares using CPF funds, or hold shares through other depository agents/nominees, please contact your respective CPF agent bank, depository agent or nominee.


Shareholders are required to complete, sign and return the Notice of Election if they wish to participate in the SDS. For an illustration of how to complete the form, click here.

Shareholders who wish to receive their dividends in cash do not need to return the form.


Shareholders who do not return the form will receive their dividends in cash.

Shareholders using CPF funds will be asked by their CPF agent bank for instructions. If a shareholder has not received a letter from his CPF agent bank on the matter after five working days of the despatch date, we suggest that he contact his CPF agent bank directly for clarification.

Shareholders who hold shares through depository agents or nominees can make their elections known through these agencies. We suggest that shareholders contact their depository agent or nominee directly for instructions.

Shareholders who wish to participate in the SDS but are not able to return the completed Notice of Election by the deadline should sign a letter of authorisation addressed to the Company. The letter should authorise a third party to complete the Notice of Election on the shareholder’s behalf. Shareholders can download a sample of the letter of authorisation here. The letter has to be signed by both the shareholder and his representative, and submitted to CDP:

The Central Depository (Pte) Limited
4 Shenton Way #02-01
SGX Centre 2,
Singapore 068807

Alternatively, shareholders or their representatives can obtain and execute the letter of authorisation in person at the CDP office.


The scrip dividend announcement will make known the date when the scrip dividends are credited in shareholders’ accounts.

We cannot accept a Notice of Election unless it is properly completed, signed and returned by the stated deadline. Shareholders whose Notices of Election have not been accepted will receive their full dividend entitlement in cash.

For subsequent dividends, shareholders who have made permanent elections will receive notice of the scrip dividend with a Notice of Cancellation form attached. Shareholders who wish to opt out of their permanent elections should return the Notice of Cancellation by the stated deadline. Shareholders who wish to keep their permanent elections do not need to return the form.

Alternatively, shareholders can obtain a copy of the Notice of Cancellation from CDP at:
The Central Depository (Pte) Limited
4 Shenton Way #02-01 
SGX Centre 2 
Singapore 068807
Tel:  6535 7511

For shareholders holding scrip shares, the Notice of Cancellation can be obtained at:

Tricor Barbinder Share Registration Services
(A division of Tricor Singapore Pte. Ltd.)
80 Robinson Road
#02-00
Singapore 068898
Tel: 6236 3333

For shareholders who have bought shares using CPF funds, or hold shares through other depository agents or nominees, please contact your respective CPF agent bank, depository agent or nominee.


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