MAS IMPOSES A COMPOSITION AMOUNT OF $16,000 ON DBS ASSET MANAGEMENT LTD FOR FAILING TO NOTIFY THE SECURITIES EXCHANGE TRADING LIMITED ["SGX-ST"] OF CHANGES IN SUBSTANTIAL SHAREHOLDINGS

1 On 13 Apr 2006, DBS Asset Management Ltd ["DBSAM"] paid a composition amount of $16,000 for breaching section 137 of the Securities and Futures Act, which requires substantial shareholders to notify the securities exchange of a change in shareholdings. 

2 During the period 17 Jun 2004 to 18 Jan 2005, DBSAM failed to notify SGX-ST on seven separate occasions of its direct shareholding changes in Citiraya Industries Limited ["Citiraya"].  DBSAM also failed to notify Citiraya of its direct shareholding changes.  As a result, Citiraya was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3 MAS also issued warnings to DBS Bank Ltd, DBS Group Holdings Ltd  and Temasek Holdings (Private) Limited on 24 Jul 2006 as these parties each had a deemed interest in the Citiraya shares held by DBSAM and had failed to notify SGX-ST of changes in their deemed substantial shareholding interest in Citiraya.  MAS took into consideration that these companies had taken active steps to report changes in their deemed interests as soon as they were notified by DBSAM.

Substantial shareholders should notify the securities exchange of changes in their shareholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.