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Coffeeshop Chit Chat - DBS In Deep Shit, Sell Rights @ 45% Disc</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">SGNEWSALTE <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">9:35 pm </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 2) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>4155.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Somemore got to get parent company Temasek to underwrite one-third of the issues, which is S$1.33 billion.
http://in.reuters.com/article/asiaCompanyAndMarkets/idINSIN15178920081222
UPDATE 1-Singapore's DBS to raise $2.7 bln to boost capital
Mon Dec 22, 2008 10:26am IST
SINGAPORE, Dec 22 (Reuters) - Singapore's DBS Group (DBSM.SI: Quote, Profile, Research), Southeast Asia's biggest lender by assets, said on Monday it plans to raise about S$4 billion ($2.74 billion) through a rights offering to shore up its capital.
The bank will offer shareholders one new share for every two existing shares at S$5.42 apiece, which is a discount of about 45 percent to Friday's closing share price. DBS said it would lift a suspension on trading in its shares at 0600 GMT on Monday.
Singapore state investor Temasek [TEM.UL], DBS's largest shareholder with 27.6 percent, has agreed to subscribe for up to one-third of the rights issue, the bank said in a statement.
The bank also said its fourth quarter earnings could show a moderate decline from the third quarter, when it reported a 38 percent fall in quarterly net profit to S$379 million and said it would cut 900 jobs or 6 percent of its staff.
"The capital-raising exercise will further strengthen DBS' balance sheet at a time when investor preference globally has shifted in favour of banks with higher capital levels, especially core capital levels," the Singapore bank said.
It said its core Tier-1 capital will rise to 9.9 percent from 7.8 percent after the rights issue, while its Tier-1 ratio will increase to 11.8 percent from 9.7 percent.
DBS said it has initiated the fund raising "from a position of strength" and that its business continued to perform well despite the global economic downturn.
DBS raised S$1.5 billion in May through a sale of preference shares that paid investors 5.75 percent per annum.
The rate was higher than the 5.05-5.1 percent offered by rivals United Overseas Bank and Oversea-Chinese Banking Corp, which also sold preference shares to strengthen their capital around the same time. (Reporting by Kevin Lim; Editing by Neil Chatterjee)
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http://in.reuters.com/article/asiaCompanyAndMarkets/idINSIN15178920081222
UPDATE 1-Singapore's DBS to raise $2.7 bln to boost capital
Mon Dec 22, 2008 10:26am IST
SINGAPORE, Dec 22 (Reuters) - Singapore's DBS Group (DBSM.SI: Quote, Profile, Research), Southeast Asia's biggest lender by assets, said on Monday it plans to raise about S$4 billion ($2.74 billion) through a rights offering to shore up its capital.
The bank will offer shareholders one new share for every two existing shares at S$5.42 apiece, which is a discount of about 45 percent to Friday's closing share price. DBS said it would lift a suspension on trading in its shares at 0600 GMT on Monday.
Singapore state investor Temasek [TEM.UL], DBS's largest shareholder with 27.6 percent, has agreed to subscribe for up to one-third of the rights issue, the bank said in a statement.
The bank also said its fourth quarter earnings could show a moderate decline from the third quarter, when it reported a 38 percent fall in quarterly net profit to S$379 million and said it would cut 900 jobs or 6 percent of its staff.
"The capital-raising exercise will further strengthen DBS' balance sheet at a time when investor preference globally has shifted in favour of banks with higher capital levels, especially core capital levels," the Singapore bank said.
It said its core Tier-1 capital will rise to 9.9 percent from 7.8 percent after the rights issue, while its Tier-1 ratio will increase to 11.8 percent from 9.7 percent.
DBS said it has initiated the fund raising "from a position of strength" and that its business continued to perform well despite the global economic downturn.
DBS raised S$1.5 billion in May through a sale of preference shares that paid investors 5.75 percent per annum.
The rate was higher than the 5.05-5.1 percent offered by rivals United Overseas Bank and Oversea-Chinese Banking Corp, which also sold preference shares to strengthen their capital around the same time. (Reporting by Kevin Lim; Editing by Neil Chatterjee)
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