Press Statement on New Voluntary Delisting Offer for Great Eastern Holdings

Date: June 6, 2025

Shareholders will welcome the news that a new voluntary delisting offer for Great Eastern Holdings (GE) has finally been tabled after an extended 11-month wait. The revised offer price of $30.15 represents a material increase from the previous S$25.60 offer. According to the disclosure made in the joint announcement, the independent financial adviser (IFA) has opined that the terms of the new offer are fair and reasonable. The decision on whether GE will be delisted now rests squarely in the hands of shareholders.

Should shareholders reject the delisting, GE has proposed a contingent pathway to restore compliance with SGX’s free float requirement: the issuance of bonus GE shares, with OCBC receiving newly created Class C non-voting shares in lieu of ordinary shares. This is intended to restore GE’s public float and allow trading to resume.

It is important to note that the earlier voluntary general offer, which closed on 12 July 2024 at $25.60, was a distinct and separate corporate action. GE shareholders who accepted that offer will not receive any further compensation, even though the IFA at the time deemed the offer “not fair but reasonable.” SIAS is disappointed with this outcome, where GE shareholders who were unable to withstand the trading suspension have ultimately lost out on realising a fair value for their GE shares.

For shareholders who held on, it has been a prolonged and uncertain period, with GE seeking extension after extension. GE shares have been suspended from trading since July 2024, and this suspension has severely limited shareholders’ ability to make investment decisions, rebalance portfolios, or exit their positions. Throughout this time, shareholders were left without a clear resolution framework or timeline. SIAS urges regulators to further refine the rules to provide stronger safeguards for shareholders in such circumstances.

The proposed corporate actions, whether through delisting or restoring free float, are designed to bring GE back into compliance with SGX Listing Rules. Shareholders are urged to review the terms of the new offer carefully, weigh them against their individual investment circumstances and objectives, and make informed decisions accordingly.

SIAS is preparing to meet with Great Eastern Holdings and shareholders in due course to explain the implications of the proposed resolutions.

David Gerald
Founder, President & CEO
SIAS