
OCBC offers US$700 million for remaining 6.28% of insurer Great Eastern
Under the conditional exit offer announced on Friday (Jun 6), OCBC is offering S$30.15 for the 6.28 per cent of the insurer's stock that it does not own. This values Great Eastern at S$14.27 billion and paves the way for the insurer to be taken private by its owner.
In May 2024, OCBC offered S$25.60 apiece for the 11.56 per cent stake in Great Eastern. The new exit offer reflects a 17.8 per cent premium from the previous bid.
The final offer from Singapore's second-largest bank would mark its fourth attempt to fully acquire Great Eastern, following three previous bids since 2004.
OCBC owns 93.72 per cent of the insurer, but that stake still falls short of the threshold needed to delist the company or launch a compulsory acquisition.
Two companies controlled by Lee Thor Seng and his sons - members of the founding family behind OCBC - own nearly 2 per cent of Great Eastern, making them the second-largest shareholders, according to the insurer's annual report.
Wong Hong Sun and Wong Hong Yen hold about 1 per cent, while Palliser Capital, which previously criticised the latest takeover bid as unfair to shareholders, owns a 0.27 per cent stake, the report showed.
Trading in Great Eastern's shares was suspended on Jul 15, 2024, after its free float fell below 10 per cent.
OCBC currently has a 93.72 per cent stake in Great Eastern. The offer, to go through, requires a minimum 75 per cent backing from minority shareholders.
If the delisting is not approved, shareholders would then be voting on a proposal to resume trading in the insurer's shares.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Straits Times
43 minutes ago
- Straits Times
Great Eastern Q2 profit falls 11% to $248.2 million
Find out what's new on ST website and app. Great Eastern will proceed to issue bonus ordinary shares and Class C shares around Aug 19, after shareholders voted to resume trading on July 8. SINGAPORE - Insurer Great Eastern on July 28 posted an 11 per cent decline in second-quarter net profit to $248.2 million, from $280.4 million in the previous corresponding period. The group attributed the decline to lower profit from its insurance business for the quarter. For the six months ended June, net profit inched up 1 per cent to $593.7 million from $587.1 million in the year-ago period. First-half earnings per share rose to $1.25 from $1.24 previously. Total weighted new sales for the second quarter fell 19 per cent to $363.5 million, from $448.3 million a year ago. New business embedded value rose 14 per cent to $167.7 million from $146.5 million. On a half-yearly basis, total weighted new sales slid 27 per cent to $708.6 million, from $972.5 million. First-half new business embedded value climbed 16 per cent to $316.5 million from $272 million. As resolutions to facilitate resumption of trading in Great Eastern's shares were passed at its extraordinary general meeting on July 8, the company said it will execute a bonus issue of up to 473.3 million bonus ordinary shares and/or Class C non-voting shares on or around Aug 19. Top stories Swipe. Select. Stay informed. Singapore Not feasible for S'pore to avoid net‑zero; all options to cut energy emissions on table: Tan See Leng Singapore With regional interest in nuclear energy rising, S'pore must build capabilities too: Tan See Leng Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Singapore New Mandai North Crematorium, ash-scattering garden to open on Aug 15 World Three dead, several injured after train derails in Germany World US and EU clinch deal with broad 15% tariffs on EU goods to avert trade war Asia Displaced villagers at Thai-Cambodian border hope to go home as leaders set to meet for talks The bonus shares are expected to be allotted and issued before the record date of the interim dividend on Aug 28. Thus, the interim one-tier tax exempt dividend of 25 cents per share for the financial year ending Dec 31, 2025, will apply to all shares on a post-bonus issue basis. This includes the bonus ordinary shares and Class C non-voting shares. This is equivalent to an interim one-tier tax exempt dividend of 50 cents per ordinary share on a pre-bonus issue basis, the insurer said. The FY2025 interim dividend will be paid on Sept 5.


CNA
43 minutes ago
- CNA
Bib Gourmand recipients say accolade doesn't guarantee sustained business
Hawkers who were on Michelin's Bib Gourmand list say the accolade does not guarantee sustained business or future survival. Although it may momentarily bring more business, some say they also cannot cope with the sudden crowds. It is also still hard to pass the business on. Over 70 per cent of this year's 89 recipients are food hawkers. Caitlin Ng with more.


CNA
an hour ago
- CNA
Singapore Tonight - Sat 26 Jul 2025
Singapore Tonight From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.