DBS will redeem all S$800m in preference shares on Nov 23

Published Tue, Sep 29, 2020 · 12:24 PM

DBS on Tuesday announced that it will redeem all of its S$800 million outstanding preference shares on Nov 23.

The redemption price will be an amount equal to the liquidation preference of S$100 per preference share, together with any accrued but unpaid dividends - whether or not declared - to (but excluding) the redemption date, said the lender in a regulatory filing. The preference shares have a fixed dividend rate of 4.7 per cent per annum.

The last cum-dividend date and the last trading day for DBS' preference shares on the Singapore Exchange Securities Trading will be on Nov 10. The shares will cease trading at 9am on Nov 11, and will be subsequently delisted at 9am on Nov 24. The record date to determine entitlement to the redemption price will be at 5pm on Nov 12.

DBS will make payment of the redemption money to the Central Depository (CDP) for the account of the holders of the preference shares. The money will be paid to those who, as at 5pm on Nov 12, are shown in CDP records as holders of the preference shares, via the payment method as agreed between themselves and CDP.

The bank said prior written consent from the Monetary Authority of Singapore for the redemption of the preference shares has been obtained, and redemption conditions have been satisfied.

DBS shares closed down S$0.24 or 1.2 per cent to S$19.98 on Tuesday.