Great Eastern Holdings to remain listed after shareholders reject delisting proposal

Great Eastern Holdings (GEH) will resume trading after shareholders voted against a proposal to delist its stock at an extraordinary general meeting (EGM) on Tuesday (Jul 8). The insurer stated that only 63.49% of minority shareholders supported the delisting proposal, falling short of the required 75% approval. Majority shareholder OCBC and its concert parties chose not to vote.

In June, OCBC offered S$30.15 per share for the 6.28% stake in Great Eastern that it does not own. The bank clarified that it would not make another offer if shareholders decided against delisting the insurer from the Singapore bourse.

With the delisting resolution vote unsuccessful, OCBC announced that its conditional exit offer had expired. The bank also confirmed that it has no plans to make additional offers for Great Eastern in the near future.

OCBC highlighted that it had raised its stake in Great Eastern to 93.72% in October 2024, achieving its objective of benefiting from operational synergies with the insurer. The bank expressed satisfaction with its economic interest level regardless of the EGM outcome.

OCBC emphasized its commitment to enhancing synergies with GEH as they evolve into a unified financial services group.According to the source: CNA.