DBS GROUP Holdings Ltd's wholly-owned subsidiary, DBS Bank Ltd, has on Friday acquired an aggregate of 232,475 shares in AXS from Oversea-Chinese Banking Corporation Limited and Oversea-Chinese Bank Nominees Private Limited, for an aggregate cash consideration of about S$921,700.

Following the completion of the acquisition, DBS Bank holds directly and indirectly through its wholly-owned subsidiary, Primefield Company Pte Ltd, approximately 87.3 per cent of the issued share capital of AXS.

The book value and net tangible asset value of AXS is S$63.6 million as of Dec 31, 2016.

The transaction is not expected to have any material impact on the company's financial position for the current financial year, DBS said.

DBS closed trading at S$20.74 on Friday, down 1.2 Singapore cents, or 0.58 per cent.