Shares of Great Eastern Holdings Ltd. will resume trading after the insurer failed to secure enough shareholder support for its delisting plan backed by Oversea-Chinese Banking Corp. A vote showed 63.5% in favor, falling short of the needed threshold. OCBC's S$900 million offer has lapsed, marking a setback for the bank, which has attempted multiple times since 2004 to take the insurer private. Great Eastern possesses over S$100 billion in assets and 16 million policyholders, emphasizing the significance of the situation.
Great Eastern Holdings Ltd. shares will continue trading in Singapore after insufficient shareholder support for a delisting plan previously backed by OCBC. 63.5% voted for the delisting, missing the required threshold.
OCBC's S$900 million offer for Great Eastern has lapsed after the delisting proposal failed. The bank has aimed to fully integrate its financial services, viewing complete ownership as beneficial.
Great Eastern, one of Southeast Asia’s largest insurers, has over S$100 billion in assets and serves over 16 million policyholders. The delisting failure is a setback for OCBC.
Analysts note that OCBC's control of Great Eastern remains effective despite the failed bid. The impact on OCBC's financial strategy is minimal with current ownership.
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