Press statement on OCBC offer for Great Eastern Holdings

Date: May 10, 2024

SIAS commends OCBC for its proactive response to feedback from minority shareholders of Great Eastern (GE) who raised concerns with the performance of GE and potential misalignment between GE shareholders and management.

We note that OCBC has made a voluntary unconditional general offer (VGO) for GE at $25.60 per share. As GE shareholders may already know, OCBC already owns 88.44% of GE, underlining GE’s significance as a cornerstone in OCBC’s banking, wealth management, and insurance corporate strategy. GE’s recently announced 1Q24 results showed good growth and earnings, adding on to its embedded value of $36.59 per share as at FY23. While the offeror intends to seek a delisting of GE if the free float falls below 10%, SIAS would like to advise all shareholders to exercise patience and due diligence before making any decision.

SIAS would like to advise all minority shareholders of GE to wait for guidance from an independent financial advisor before making any decision.

In addition, GE shareholders would be pleased to know that they will be receiving the FY23 final dividend of 40 cents per share on 17 May regardless of their decision on the VGO