OCBC supports Great Eastern in lifting share suspension after vote

GEH will issue bonus shares, including a new class of non-voting shares. 

OCBC has supported Great Eastern Holdings’ (GEH) plan to lift the 11-month suspension of its shares by voting in favour of two key resolutions at GEH’s Extraordinary General Meeting.

With the approval of the resolutions, GEH will issue bonus shares, including a new class of non-voting shares. 

OCBC said it will take up these Class C Non-Voting shares. 

If minority shareholders accept their bonus shares, GEH’s public float is expected to return to the 10% minimum required for trading.

OCBC had earlier increased its stake in GEH from 88.44% to 93.72% through a voluntary general offer in 2024. 

It said this level of ownership achieved its goals of stronger synergies and a bigger share in GEH’s value.

The bank also said it will not convert its Class C Non-Voting shares into ordinary shares in the future, to avoid another drop in GEH’s public float. 

It has no plans to make another offer for GEH.

OCBC’s conditional exit offer has lapsed after the delisting proposal was rejected at the meeting.

The bank said it will continue working closely with GEH to expand its regional wealth management business.