DBS to privatise Kwong On

PUBLISHED : Friday, 02 April, 1999, 12:00am
UPDATED : Friday, 02 April, 1999, 12:00am

Kwong On Bank will be privatised by the Development Bank of Singapore (DBS), which has acquired 91.8 per cent of the total outstanding shares in the Hong Kong-listed bank. With more than 90 per cent of Kwong On bagged, DBS can now buy the remaining shares under the compulsory acquisition provisions of Hong Kong's Companies Ordinance.