Great Eastern gets another extension to June 8 to announce plan to restore free float
Great Eastern gets another extension to June 8 to announce plan to restore free float
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 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.
Last May, OCBC made a voluntary unconditional general offer of $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's chief executive Helen Wong met with Mr Wong Hong Sun, his brother Hong Yen, as well as representatives of Mr 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. THE BUSINESS TIMES
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
7 hours ago
- Business Times
ST Index up on Wednesday, mirroring regional indices
[SINGAPORE] The Straits Times Index (STI) closed higher on Wednesday (Jul 23), mirroring regional indices. The STI rose 0.6 per cent or 23.02 points to 4,231.28. Across the broader market, advancers outnumbered decliners 427 to 164 after 2.4 billion shares worth S$1.7 billion changed hands. The trio of local banks closed higher on Wednesday, with DBS up 1.9 per cent or S$0.88 at S$48.13. UOB rose 0.6 per cent or S$0.23 to S$37.23 and OCBC closed up 0.1 per cent or S$0.02 at S$17.21. DFI Retail Group was the top gainer on the STI, closing up 9.2 per cent or US$0.29 at US$3.45. The biggest loser was ST Engineering , which dropped 2.1 per cent or S$0.18 to S$8.27. Across the region, major indices ended higher, with the Kospi gaining 0.4 per cent and the Nikkei 225 up 3.5 cent. Hong Kong's Hang Seng Index closed up 1.6 per cent and the KLCI rose 0.7 per cent. The fading momentum of tech stocks is starting to weigh on major US benchmarks, said Jose Torres, senior economist at Interactive Brokers. But the wider US market remains positive, as every other major sector was still upbeat during a quiet day for economic releases. Overreliance on the 'Magnificent 7' – comprising Apple, Alphabet, Microsoft, Amazon, Tesla, Meta and Nvidia – is contributing to the market turning defensive, picking up Treasuries, gold and volatility protection instruments, said Torres. With tech and communications services' rally bolstered by looser regulations, financial services could see the same impact as efforts are made to loosen regulations,' he added. 'While less red tape is poised to improve profitability at banks, the lending and capital expenditure implications of reducing regulations are also quite stimulative to the economy because additional funds are opened up for consumption, investment and fixed income purchasing,' said Torres.
Business Times
8 hours ago
- Business Times
ST Index inches up on Wednesday, mirroring regional indices
[SINGAPORE] The Straits Times Index (STI) closed higher on Wednesday (Jul 23), mirroring regional indices. The STI inched up 0.6 per cent or 23.02 points to 4,231.28. Across the broader market, advancers outnumbered decliners 427 to 164 after 2.4 billion shares worth S$1.7 billion changed hands. The trio of local banks closed higher on Wednesday, with DBS up 1.9 per cent or S$0.88 at S$48.13. UOB rose 0.6 per cent or S$0.23 to S$37.23 and OCBC closed up 0.1 per cent or S$0.02 at S$17.21. DFI Retail Group was the top gainer on the STI, closing up 9.2 per cent or US$0.29 at US$3.45. The biggest loser was ST Engineering , which dropped 2.1 per cent or S$0.18 to S$8.27. Across the region, major indices ended higher, with the Kospi gaining 0.4 per cent and the Nikkei 225 up 3.5 cent. Hong Kong's Hang Seng Index closed up 1.6 per cent and the KLCI rose 0.7 per cent. The fading momentum of tech stocks is starting to weigh on major US benchmarks, said Jose Torres, senior economist at Interactive Brokers. But the wider US market remains positive, as every other major sector was still upbeat during a quiet day for economic releases. Overreliance on the 'Magnificent 7' – comprising Apple, Alphabet, Microsoft, Amazon, Tesla, Meta and Nvidia – is contributing to the market turning defensive, picking up Treasuries, gold and volatility protection instruments, said Torres. With tech and communications services' rally bolstered by looser regulations, financial services could see the same impact as efforts are made to loosen regulations,' he added. 'While less red tape is poised to improve profitability at banks, the lending and capital expenditure implications of reducing regulations are also quite stimulative to the economy because additional funds are opened up for consumption, investment and fixed income purchasing,' said Torres.
Independent Singapore
10 hours ago
- Independent Singapore
CNBC report says Singdollar may reach safe-haven status, like Swiss franc, yen, and US dollar
SINGAPORE: A CNBC report from earlier this week quotes industry experts as saying that the Singapore dollar may become a 'safe haven' currency — an asset that retains its value or even appreciates during times of market turbulence. The Singdollar may end up as 'the next safe haven on a par with the Swiss franc,' the report says, noting that though the US dollar is still the top reserve currency around the globe, the dollar index has decreased by more than 9 per cent this year. Meanwhile, trade concerns cast a shadow over the Japanese yen's outlook. The CNBC report quoted an FX strategist at OCBC, Christopher Wong, as noting that the Singdollar is not considered in the same way as the US dollar, the yen, and the Swiss franc. It 'tends to exhibit defensive characteristics during episodes of financial stress — especially those centred in Asia.' Mr Wong pointed out that Singapore's currency already works as a 'quasi safe-haven' in the region and for emerging markets. The Singapore dollar has gained strength against the US dollar this year, rising around 6 per cent so far. In May, an article in CNA said that the two currencies, then at $1 to S$1.29, could reach parity . Mansoor Mohi-uddin, chief economist at Bank of Singapore, said at the time that parity between the two currencies could be achieved 'in our lifetimes' and cited the example of the Swiss franc, which did so in the wake of the financial crisis of 2008. On July 11, Jefferies Financial said the same. Its group strategist, Christopher Wood, noted that since March 22, when the US Federal Reserve started increasing interest rates, the Singdollar 'has appreciated against almost all major currencies, confirming its status as the 'Swiss franc of Asia.'' 'Wood stated that Singapore's bond yields remain attractive to conservative funds focused on wealth preservation. From a five-year perspective, it is reasonable to expect the exchange rates of the Singapore dollar to reach parity with the US dollar, implying an appreciation of 28 per cent,' Jefferies added. What has contributed to the strength of the Singdollar is the city-state's economics, institutions, and policies regarding fiscal prudence, which are routinely described as solid. Moreover, Singapore has political stability and a deep well of reserves. CNBC quotes VP Bank chief investment officer Felix Brill as saying that Singapore's monetary policy framework has given 'exceptional stability' to the currency, 'which is exactly what safe haven flows seek.' Obstacles to the Singdollar reaching safe haven status, however, remain. The first is the size of the market for the Singapore dollar, compared to the US dollar, the yen, and the Swiss franc. The second is the fact that the city-state's economy is heavily reliant on exports. /TISG Read also: SAFE HAVEN: So much cash has been deposited in Singapore that DBS lent MAS $30 billion
