Investors who have chased shares of DBS Group Holdings to a new record over the last couple of trading days, might have, in a way, bought from outgoing CEO Piyush Gupta.
In a filing to the Singapore Exchange S68 on Nov 11, DBS says that Gupta, who helped led the bank to its record levels of profitability and market value, has cut his stake last week.
On Nov 7, he sold 100,000 shares at an average of $41.7513. The following day, he sold another 200,000 shares at $42.2023 apiece.
The transactions on these two days has let Gupta pocket a total of more than $12.6 million.
Gupta, who will hand over the helm to deputy CEO Tan Su Shan next April, is for now left with just over 1.99 million shares, equivalent to 0.077% of the bank.
Just on Nov 7, DBS reported a new record of profitability, thanks to broad-based growth.
See also: Raffles Medical Group chairman ups stake to 55.592%
The bank, in a bid to better return capital to shareholders, will embark on a $3 billion share buyback programme.
DBS shares ended Nov 11 at $42.75, slightly off the intra-day high of $42.98 but up 0.83% for the day.
