Great Eastern Holdings has announced the suspension of its share trading on the Singapore Exchange (SGX) starting today at 9:00 AM. This move comes after OCBC Bank increased its shareholding in the insurance company to over 90%, causing the public float to drop below the 10% threshold.
As of July 12, OCBC’s general offer has raised its stake in Great Eastern from 88.44% to 93.32%.
Despite the change in ownership structure, Great Eastern assures that its insurance operations and business remain unaffected. All policyholder contracts will stay the same, and the company will continue providing its comprehensive range of insurance products.
“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,” stated Khor Hock Seng, Group Chief Executive Officer of Great Eastern.
