Scrip Dividend Scheme

Frequently Asked Questions

  1. What is the Scrip Dividend Scheme (SDS)?

    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.

  2. Who is eligible for participation in the SDS? Are overseas shareholders eligible for participation in the SDS?

    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.

  3. 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.

  4. Does the SDS apply to all dividends?

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

  5. How is the issue price of a share under the SDS determined?

    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.

  6. I am a shareholder of DBS. What documents should I expect to receive, and when?

    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.

  7. I am an eligible/Entitled Shareholder but I have not received any documents / I have misplaced the documents. What should I do?

    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.

  8. I am an eligible shareholder and I wish to participate in the SDS. How should I fill up the Notice of Election?

    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.

  9. What happens if I do nothing and do not return the Notice of Election form?

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

  10. I bought shares using CPF funds. Will I receive a copy of the Notice of Election? What do I do if I wish to participate in the SDS?

    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.

  11. My shares are held through a depository agent / nominee. What do I do if I wish to participate in the SDS?

    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.

  12. I wish to participate in the SDS, but I will be overseas during the election period and will not be in Singapore to execute the Notice of Election form. What should I do?

    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.

  13. When will the SDS shares be issued?

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

  14. I have missed the deadline stated on the Notice of Election form, but I wish to participate in the SDS. Does the Company accept late submissions?

    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.

  15. I made a permanent election previously, but I wish to opt out. What should I do?

    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.

  16. I have further questions not found in this FAQ, who should I contact?

    Shareholders should email their questions to investor@dbs.com.