J.P.Morgan Announces Development Bank of Singapore Limited's Restructuring.NEW YORK--(BUSINESS WIRE)--Sept. 17, 1999-- J.P. Morgan Announced a Restructuring of Development Bank of Singapore's (DEVBY) OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADRs)
ADR effective date: September 18, 1999
Old Symbol: DEVBY
New Symbol: DBSD
Ratio: 1 ADS: 4 Ordinary shares
Old CUSIP: 251594 30 5
New CUSIP: 23304Y 10 0
Share class: Ordinary shares
Par value: 1 Singapore Dollar (SGD)
Country of incorporation: Singapore
Industry: Banking
Traded on: OTC
Depositary: Morgan Guaranty Trust
Company of New York
Custodian: Development Bank of
Singapore, Singapore
-0- The shareholders and the High Court of Singapore have approved a restructuring of the Development Bank of Singapore ("DBS (Direct Broadcast Satellite) A one-way TV broadcast service from a communications satellite to a small round or oval dish antenna no larger than 20" in diameter. ") as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of DBS Group Holdings Limited ("DBSH") pursuant to a scheme of arrangement, effective September 18, 1999. ADS holders will be required to exchange their existing ADSs for new ADSs on the basis of one new DBSH ADS for every one DBS ADS surrendered. J.P. Morgan is the world's largest ADR ADR - Astra Digital Radio depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. bank. A global banking firm, J.P. Morgan serves clients through an integrated range of advisory, financing, trading, investment management and research capabilities. For more information ADRs, visit www.adr.com, J.P. Morgan's central resource for timely worldwide market intelligence and investor information. For information on J.P. Morgan, visit www.jpmorgan.com. An ADS, or American depositary share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. , is a U.S. dollar-denominated form of equity ownership in a non-U.S. company. It represents a specified number of foreign shares on deposit at a custodian bank Custodian bank Applies mainly to international equities. Bank or other financial institution that keeps custody of stock certificates and other assets of a mutual fund, individual, or corporate client. See: Depository Trust Company (DTC) in the issuer's home country and carries the corporate and economic rights of the underlying foreign shares. An ADR, or American depositary receipt, is a certificate evidencing ownership of a certain number of ADS shares. The term ADR is sometimes used to refer to ADS. Neither this announcement nor the information contained herein constitutes an offer or solicitation by J.P. Morgan for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. Information herein is believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. |
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