Guoco Group yet to decide on use of proceeds from Dao Heng stake sale

HONG KONG (AFX-ASIA) - Guoco Group has not decided on how to use the proceeds from the sale of its 71.3 pct stake in Dao Heng Bank, a company spokesperson said.	    "There are a lot of options and we have not made a decision on how to use the proceeds," she said.	    DBS yesterday proposed to acquire 100 pct of Dao Heng Bank for up to 10.0 bln sgd. Two options will be available for Dao Heng Bank shareholders -- 60.14 hkd per share in cash or 43.26 hkd per share in cash plus one share option in DBS Diamond Holdings, a wholly owned subsidiary of DBS Group.	    On the basis of the cash and share option alternative, Guoco Group said it expects to receive 30.0 bln hkd from the transaction. 

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