DBS Group Holdings was able to sell its 900,000 shares of StarHub for around S$2.45 million on November 13. The information came from a filing with the Singapore Exchange.
StarHub is Singapore’s second-largest telecommunications company after SingTel. The cumulative proceeds propose that there is an average unit price of S$2.73, which is 4 percent less that StarHub’s S$2.84 closing price on the day of selling. During Tuesday’s mid-day break, StarHub shares were trading at S$2.85.
Singapore government investment firm, Temasek Holdings lowered interest in StarHub from 56.02 percent to 55.97 percent after the sale was finalized. DBS, which is Singapore’s largest local bank by market value, is an associate company of Temasek.
Temasek was quick to note that DBS is an independently managed company. It also stated that it only became aware of the stock sale after it was informed by DBS.
Additionally, the government owned firm, which does not directly own any StarHub stock, has been known to show interest in shares of StarHub held by Singapore Technologies Telemedia.
News regarding the sale came out only days after Starhub chief executive’s announcement. CEO Tan Tong Hai said that he will be leaving his position May next year to pursue his own interests.
As of yet, there is still no named successor. The telecommunications firm will then be conducting “a global executive search” for his replacement.
DBS Targets Tech Generation
DBS created a new in-store “lifestyle space” in hopes of pulling in the tech generation back into its branch.
The place was designed with a “café and branch concept”. The place features freshly brewed coffee, humanoid robots, video tellers, and virtual reality retirement planning.
The aroma of coffee will be welcoming the customers to the new open plan space. The coffee is made by Bettr Barista, a social enterprise supported by DBS, and is located at the branch entrance.
Also, appealing to the techno-literate youth segment has been one of the reasons behind the new addition to the branch. The whole place is filled with technological innovations, including top-of-the-range ATMs and video teller machines for face-to-face interactions. There is also a “VR corner” for headset-based retirement planning and on-the-spot guidance from a humanoid robot named Pepper.
Other than this, DBS’ plans also include social interactions. There will be a talent development showcase spot to groom budding singing talents. These efforts will lead to the National Youth Music Awards competition in 2018.
Other plans comprise of latte art and coffee appreciation classes spearheaded by Bettr Barista. There will also be financial talks by NAV – Your Financial GPS as well as exhibitions of artwork made by students.