Oversea-Chinese Banking Corporation Limited (SGX:O39) made an offer to acquire remaining 11.56% stake in Great Eastern Holdings Limited (SGX:G07) for SGD 1.4 billion on May 10, 2024. As per the transaction, Oversea-Chinese Banking Corporation Limited will acquire remaining shares at SGD 25.6 share. The Offeror has no current intentions to (i) introduce any major changes to the existing business of GEH, (ii) to redeploy the fixed assets of GEH or (iii) discontinue the employment of the existing employees of GEH and its subsidiaries, other than in the ordinary and usual course of business. However, the Offeror retains the flexibility to at any time consider undertaking a strategic and operational review of GEH with a view to realising synergies, economies of scale, cost efficiencies and growth potential. The Offer will be unconditional in all respects. The Offer is expected to be earnings accretive to Oversea-Chinese Banking Corporation Limited. The Offeror intends to seek a delisting of GEH from the SGX-ST if the Free Float Requirement is not met.

J.P. Morgan Securities Asia Private Limited acted as exclusive financial advisor and Allen & Gledhill acted as legal advisor to Oversea-Chinese Banking Corporation Limited.