Great Eastern Holdings Ltd is set to resume trading on the Singapore Exchange after failing to secure enough minority shareholder support for its proposed delisting.
According to stock exchange filings, only 63.49% of minority shareholders voted in favour of the delisting proposal, short of the required 75% threshold.
The company has yet to announce an exact date for the resumption of trading but said further updates will be provided in due course.
The proposal, first announced on 6 June, involved Oversea-Chinese Banking Corp (OCBC) offering S$900 million to acquire the remaining shares it does not already own in the insurer.
Great Eastern’s shares have been suspended from trading since 15 July 2024 after its public float fell below 10%, following OCBC’s partial acquisition offer in May 2024 at S$25.60 per share for an 11.56% stake.
OCBC, Southeast Asia’s second largest bank by assets, now holds 93.72% of Great Eastern.
In a statement, OCBC said: “The objectives are to capture benefits from further operational synergies with GEH and a higher share of its value.”
“These objectives have been met with the increase in OCBC’s investment in GEH to 93.72% in October 2024, successfully concluding the VGO (voluntary general offer),” it added.
Reuters
