It will update shareholders on the finalised proposal shortly, no later than Jun 8
[SINGAPORE] Great Eastern Holdings has been granted yet another extension of time to comply with free float requirements under the Singapore Exchange’s (SGX) listing rules.
The insurer now has until Jun 8 to announce its finalised proposal to comply with listing rules, its bourse filing on Friday (May 23) indicated.
It was previously granted an extension in January 2025, and in October 2024.
Great Eastern said it has been exploring various options to formulate a proposal to meet with the requirements which can address the interests of stakeholders, and has made “significant progress in formulating a proposal”.
It will issue an announcement to update shareholders on the finalised proposal “shortly”, no later than Jun 8, it added.
Shares of Great Eastern have been suspended from trading since July 2024, after the counter lost its free float following a takeover bid by its majority shareholder OCBC.
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Last May, OCBC made a voluntary unconditional general offer of S$1.4 billion for the remaining 11.56 per cent stake in Great Eastern that it did not already own, with the aim to delist the insurer.
At the close of the offer in July 2024, the bank held 93.52 per cent of the insurer, falling short of the shareholding it needed to delist Great Eastern, or to compulsorily acquire the rest of the shares.
In January, it was reported that OCBC chief executive Helen Wong met with Wong Hong Sun, his brother Hong Yen, as well as representatives of Lee Thor Seng and his family, who are long-time shareholders of Great Eastern with a combined 3 per cent stake.
The offer was deemed “not fair but reasonable” by the independent financial adviser for the deal.
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