Great Eastern has said that the close of an offer on 12 July 2024 by OCBC, one of Singapore's Big Three banks, means that while there is a change in the number of shares held by OCBC in Great Eastern, there is no change to the businesses of the insurance company.
Great Eastern announced that the trading of its shares on the Singapore Exchange will be suspended with effect from 9.00 a.m. (Singapore time) on 15 July 2024 in accordance with the listing rules of the Singapore Exchange.
The suspension is due to the percentage of issued shares of Great Eastern held by OCBC having exceeded 90%, and as a result the percentage in public hands has fallen to below 10%.
The general offer made by OCBC for Great Eastern shares has resulted in OCBC increasing its percentage shareholding in Great Eastern from 88.44% to 93.32% (as at 5.30 p.m. (Singapore time) on 12 July 2024).
The insurer said in a statement, “Great Eastern wishes to emphasise that the general offer made by OCBC for the shares of Great Eastern and the suspension of the trading of its shares have no impact whatsoever on Great Eastern’s insurance business and operations. There are no changes to policyholders’ insurance contracts with Great Eastern. Policyholders will continue to be well served by Great Eastern and its financial representatives. As the market leader in Singapore and Malaysia, Great Eastern will carry on serving the needs of its customers across the region with its comprehensive range of life, general and group insurance solutions.”
Mr Khor Hock Seng, Group CEO of Great Eastern, said, “I would like to assure all our policyholders that their insurance policies with us remain unaffected and they will continue to receive the same high standards of service from Great Eastern and our financial representatives. Our financial strength remains solid as before, and arguably stronger based on the increased market value of our shares following the announcement of the offer.”
He added: “As we commemorate our 116th anniversary this August, we are launching an exciting line-up of new products to meet the growing demand for wealth accumulation and legacy planning. In addition, we will also be rolling out estate planning programmes to help our customers manage their end-of-life planning needs.”
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$100bn ($74.5bn) in assets and more than 16m policyholders, including 13m from government schemes.