OCBC Clarifies It Has No Intention to Launch Another Offer for Great Eastern
Summary:
OCBC has clarified that it does not plan to convert its Class C Non-Voting shares in Great Eastern Holdings (GEH) to ordinary shares, as doing so would jeopardize GEH’s free float compliance. The clarification follows a media report speculating about future privatization moves.
Key points include:
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No Future Offer Planned: OCBC emphasized that its recent exit offer is final, with no intention to make another offer “in the foreseeable future.”
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Delisting Goal Still Strategic: While delisting GEH remains a long-term objective, OCBC is content with its 93.72% stake, up from 88.44% before its 2024 VGO.
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Avoiding Market Confusion: OCBC expressed concern that speculation may mislead GEH shareholders ahead of the 8 July 2025 delisting vote.
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Class C Shares Purpose: OCBC subscribed to Class C Non-Voting shares to support GEH's compliance with SGX’s Free Float rules and help resume trading, not for eventual conversion.