Singapore's OCBC says no another offer for Great Eastern even if delisting proposal fails
OCBC was responding to a media report saying that it still can propose to take Great Eastern private when its non-voting shares are due in five years if the latest delisting proposal by Great Eastern cannot be achieved in an EGM on July 8.
OCBC, Singapore's second largest lender, said in a stock exchange filing that it has no intention to convert its non-voting shares to ordinary shares on or after five years as it would result in Great Eastern losing its free float again.
OCBC would opt to receive the non-voting shares to help restore the free float and a resumption in trading of Great Eastern if the delisting proposal by the insurer is not achieved.
Great Eastern on June 6 proposed to delist from the domestic bourse by way of its largest shareholder OCBC offering S$900 million ($696.27 million) to buy the rest of the insurer it does not already own.
Trading in Singapore-based Great Eastern's shares was suspended on July 15, 2024, after its free float fell below 10% following an offer by OCBC to acquire an 11.56% stake at S$25.60 apiece in May 2024.
OCBC had obtained acceptance from some shareholders and currently owns 93.72% of Great Eastern.
"Delisting GEH is a long-term strategic goal of OCBC," OCBC said, referring Great Eastern as GEH. It said it is satisfied with its 93.72% economic interests since October 2024 regardless of the outcome of the EGM to vote on the proposed delisting on July 8.
($1 = 1.2926 Singapore dollars)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
3 hours ago
- Reuters
India's IndusInd Bank appoints industry veteran Rajiv Anand as CEO
Aug 4 (Reuters) - India's IndusInd Bank said on Monday that its board has appointed Rajiv Anand as chief executive officer for a three-year term starting August 25. Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank ( opens new tab, and has held key management positions at leading global financial institutions. He was one of three candidates shortlisted by the bank's board, Reuters reported last month. The two other candidates were Rahul Shukla and Anup Saha. Anand's appointment was confirmed following the Reserve Bank of India's (RBI) clearance, which has the final authority on senior banking appointments. IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April. In the absence of a chief executive, the bank has been steered by the board and a panel of two senior officials. Last week, the Mumbai-based bank said its "financials have returned to profitability", as it swung back to profit in the first quarter after its biggest-ever loss in the previous three months.
Reuters
4 hours ago
- Reuters
India's IndusInd Bank to appoint industry veteran Rajiv Anand as CEO
Aug 4 (Reuters) - India's IndusInd Bank said on Monday that its board has approved Rajiv Anand as chief executive officer for the bank for a three-year term starting August 25. Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank ( opens new tab, and has held key management positions at leading global financial institutions. He was one of three candidates shortlisted by the bank's board, Reuters reported last month. IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.
The Guardian
6 hours ago
- The Guardian
Tesla board awards $29bn of shares to Elon Musk
Tesla's board has approved the award of $29bn (£22bn) worth of shares to its chief executive, Elon Musk, after a US court ruled against a previous pay deal for the world's richest person. Musk will pay $2bn to buy 96m shares in the electric carmaker at the same price per share as a 10-year pay package agreed in 2018, which is stuck in legal limbo awaiting a court date for an appeal. The award was based on a recommendation from a 'special committee' of the board. The announcement in a financial filing was accompanied by a shareholder letter from two members of the committee, Robyn Denholm, Tesla's chair, and Kathleen Wilson-Thompson. It described the award as a 'good faith' payment to Musk after the previous pay deal, worth $56bn, was rescinded in 2024 by a judge in Delaware, where the company was incorporated until June that year. 'To recognise what Elon has accomplished and the extraordinary value he delivered to Tesla and our shareholders, we believe we must take action to honour the bargain that was struck in 2018,' the directors wrote. 'After all, 'a deal is a deal'.' Denholm and Wilson-Thompson said they had reviewed investors' letters and posts on X – the social media network owned by Musk – and acknowledged concerns about his focus on his job. 'From those communications, we know that one of your top concerns is keeping Elon's energies focused on Tesla,' they wrote. 'This award is a critical first step toward achieving that goal.' As well as running Tesla, Musk also owns the SpaceX rocket company, the social media platform X, the artificial intelligence company xAI and the brain implant business Neuralink. He has also made forays into Republican politics, damaging the Tesla brand and sales and raising concerns among shareholders. Dan Ives, an analyst at Wedbush Securities and one of the most prominent voices of concern about Musk's political travails, said the award would remove an overhang – a surplus of availability – on Tesla shares, increasing prices. 'Musk remains Tesla's big asset,' Ives said. The award is worth about $29bn based on Friday's closing share price. Musk is worth $350bn, according to the Bloomberg billionaires index. Over the past year, Musk has become embroiled in US politics and a political relationship with Donald Trump that turned toxic after the president entered the White House for the second time, a feat assisted by the Tesla chief executive's financial and personal support. The furore put off left-leaning Tesla buyers inside and outside the US, though competition in the electric car market has also affected sales. A survey from the research firm S&P Global Mobility shared with Reuters showed that Tesla's customer loyalty has plunged since Musk endorsed Trump. It found 49.9% of Tesla-owning households in the market for a new car bought another Tesla last March. This was just below the industry average, but was down from 73% in June 2024. It edged back up to 57.4% in May this year. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Tom Libby, an S&P analyst, said the fall was 'unprecedented', adding: 'I've never seen this rapid a decline in such a short period of time.' Musk is Tesla's largest shareholder, and the new shares will take his stake from 13% to about 15%. He has said he wants greater control over the company to avoid being ousted by 'activist shareholders'. The company is shifting its focus to robotaxis and humanoid robots, in a move that positions Tesla more as an artificial intelligence and robotics firm than a carmaker. 'While we recognise Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging … we are confident that this award will incentivise Elon to remain at Tesla,' wrote the directors. The award is designed to increase gradually Musk's voting power, something he and shareholders had consistently said was key to keeping him focused on Tesla's mission, the directors added. If the 2018 package is reinstated in full following an appeal to the Delaware courts, the new package will be forfeited. Tesla shares, which have fallen nearly 20% so far this year, rose more than 3% in early trading.
