Great Eastern Shareholders Reject Delisting Proposal
Singapore-based insurer Great Eastern will resume trading on the exchange after its minority shareholders rejected a proposal to delist.
Great Eastern will resume trading on the Singapore Exchange after it failed to pass a proposal to delist, according to a statement. 63.49 percent of minority shareholders voted in favor of the proposal, falling short of the 75 percent requirement. Parent company OCBC, which offered S$30.15 ($23.55) per share to delist, abstained from voting.
Thereafter, shareholders voted in favor of a resolution for «constitutional amendments and one-for-one bonus issue of shares to facilitate the satisfaction of the minimum free float required under the listing rules».
Trading of the 116-year-old insurer’s shares has been suspended since 15 July 2024 due to failure to meet the Singapore Exchange’s listing rule of ensuring a free float of at least 10 percent of shares.
Ex-Chairman’s Son
Wong Hong Sun – grandson of former Great Eastern chairman Wong Siew Qui – and his family hold more than a quarter of the minority owners' shares. He was among those who voted against the delisting proposal, noting that the offer price was at the lower end of the appointed independent financial advisor Ernst & Young’s fair and reasonable range of $30.10 to $37.63.
«This is my grandfather’s company and it’s our legacy. I would not sell it. We are holding for the legacy for our son,» said Wong in a «Straits Times» report.
When asked if he would sell if a higher price was offered, he said: «We might».
