OCBC announced on June 23, 2025, that it would be content with its 93.72% economic interest in Great Eastern Holdings (GEH), regardless of the outcome of GEH's Extraordinary General Meeting.
On July 8, 2025, OCBC supported GEH's proposal to resolve the 11-month trading suspension of its shares by voting in favor of Resolutions B and C at the meeting. As part of their commitment to GEH, OCBC will receive Class C Non-Voting shares under GEH's Bonus Issue. The restoration of the 10% free float requirement is expected if all minority shareholders accept the bonus ordinary shares.
OCBC initially announced during a voluntary general offer (VGO) launch on May 10, 2024, its intention to increase its investment in GEH beyond an 88.44% shareholding. The objectives were to gain from operational synergies and a higher share value. These objectives were achieved when OCBC's investment in GEH increased to 93.72% in October 2024.
OCBC confirmed that it would not convert these Class C Non-Voting shares after five years as it would lead to GEH losing its free float again and stated no further offers for GEH are planned for the foreseeable future.
As OCBC’s insurance arm, GEH plays a crucial role in OCBC's ambition to become a leading wealth management player in the region. Over time, increasing stakes have strengthened integration and synergies with GEH, enhancing investment and insurance solutions offered to customers. GEH has also gained from wider access to OCBC’s customer base.
The condition for OCBC’s Exit Offer was not met since the Delisting Resolution was not approved at the EGM; thus, the Exit Offer has lapsed.
The directors of OCBC have ensured accuracy and fairness in this release and accept full responsibility for any information extracted from public sources or obtained from GEH.