THE following companies saw new developments that may affect trading of their securities on Tuesday (Jun 18):
OCBC: The lender’s privatisation bid for its insurance arm Great Eastern Holdings (GEH) is not fair but reasonable, the independent financial adviser to the deal said on Friday. The offer price of S$25.60 per share represents a 36.9 per cent premium over GEH’s last traded price of S$18.70 before the offer announcement, but a 30 per cent discount to GEH’s embedded value per share of S$36.59 as at Dec 31, 2023. Shares of OCBC closed 1.1 per cent or S$0.16 lower at S$14.14, while shares of GEH slipped 0.3 per cent or S$0.07 to S$26.10, before the news.
Seatrium: The company said on Sunday that it had been informed that the Monetary Authority of Singapore and the Commercial Affairs Department are conducting a joint investigation into offences potentially committed by the company and/or its officers. The potential offences are related to a decade-old bribery case in Brazil infamously dubbed “Operation Car Wash”. Shares of Seatrium closed S$0.03 or 1.8 per cent lower at S$1.67 on Friday.
