OCBC has clarified its position regarding a recent media report suggesting potential privatisation and delisting of Great Eastern Holdings (GEH) shares. The bank emphasised that it has no plans to convert its Class C Non-Voting shares into ordinary shares, a move that would jeopardise GEH’s free float status. This clarification comes ahead of a crucial vote on 8 July 2025, which could impact GEH shareholders’ decisions.
OCBC’s decision to hold onto the Class C Non-Voting shares was made at GEH’s request to help the company meet its Free Float requirement and resume trading. The bank stated that converting these shares would cause GEH to lose its free float again, which is not in their strategic interest.
The bank’s long-term goal remains the delisting of GEH, a process that began with a Voluntary General Offer (VGO) in 2024. OCBC currently holds a 93.72% economic interest in GEH, up from 88.44% before the VGO. Despite the upcoming vote, OCBC has reiterated that its exit offer is final, with no plans for another offer in the foreseeable future.
The exit offer, valued at $0.66b (S$0.9b), is contingent upon at least 75% of GEH shareholders approving the delisting resolution at an extraordinary general meeting. Should the resolution fail, OCBC will support GEH in restoring its free float through a 1-for-1 bonus issue of new shares.
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