DBS Bank to redeem S$1.7 billion 4.7% preference shares on March 21

By Toni Weeks

San Luis Obispo, Calif., Feb. 12 - DBS Bank Ltd. issued a call to redeem its S$1.7 billion of 4.7% non-cumulative non-convertible non-voting class N preference shares, according to a notice.

The redemption will occur on the early redemption date, March 21.

Holders of the shares at the close of business on March 14 will receive the redemption price on the early redemption date.

The redemption price is expected to be S$254,828.77, consisting of the S$250,000 liquidation preference of a class N preference share and S$4,828.77 of accrued dividends from Oct. 22 until the early redemption date.

The redemption is a result of a qualification that "has occurred and is continuing," according to the notice.

DBS Bank is a Singapore-based financial services group.

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