OCBC amasses over 90% stake in insurer Great Eastern (updated)

Great Eastern Holdings

25/06/2024 14:35

(Adds background in paragraphs 2-4)
       June 25 (Reuters) - Oversea-Chinese Banking Corp
 OCBC.SI  now owns more than 90% of Singaporean insurer Great
Eastern  GELA.SI , an exchange filing by the city-state's
second-largest lender showed on Tuesday.
    OCBC made an offer in May to buy an 11.56% stake in Great
Eastern it did not already own for S$1.4 billion ($1.03
billion).
    Great Eastern will now be forced to suspend trading in its
shares after the offer closes on July 12 as the insurer's public
float has now dropped below 10%.
    The Singapore stock exchange will lift the suspension on
trading in Great Eastern shares once the public shareholding
returns to at least 10%. 

 ($1 = 1.3538 Singapore dollars)

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Devika
Syamnath and Shounak Dasgupta)
 ((Rishav.Chatterjee@thomsonreuters.com))