General Announcement::Statement on DBS' exposures to Swiber

Issuer & Securities

Issuer/ Manager
DBS GROUP HOLDINGS LTD
Securities
DBS GROUP HOLDINGS LTD - SG1L01001701 - D05
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
28-Jul-2016 19:55:57
Status
New
Announcement Sub Title
Statement on DBS' exposures to Swiber
Announcement Reference
SG160728OTHRY876
Submitted By (Co./ Ind. Name)
GOH PENG FONG
Designation
COMPANY SECRETARY
Description (Please provide a detailed description of the event in the box below)
Following the announcement by Swiber Holdings Ltd on 27 July 2016 that it had made an application to wind up the company, DBS would like to provide the following information in response to queries from investors and the media.

DBS has a total exposure of about SGD 700 million to the Swiber group of companies, comprising loans, bonds and off-balance sheet items. As the exposure is partially secured, DBS expects to recover half of it and will provide fully for the anticipated shortfall. DBS will tap on its surplus general allowances and the net allowance charge will be lower, at about SGD 150 million.

The Group's balance sheet remains strong; and there is minimal impact on its capital adequacy ratio.

The second quarter's results will be announced on 8 August as scheduled.