Singapore’s second- biggest lender, OCBC, unveiled a S$ 1.4 billion ( US$ 1.04 billion ) offer on Friday ( May 10 ) to buy the remaining stake in insurer Great Eastern Holdings and delist the company.
OCBC, Great Eastern’s biggest investor, said it would get the 11.56 per share stake in the employer that it does not already own. The merchant will own the entire stake in the business if the agreement is successful.
The present value of S$ 25.60 per promote, a subscription of 37 per cent, principles Great Eastern at S$ 12.12 billion.
After purchasing it, OCBC announced it intends to delist Fantastic Eastern from Singapore areas.
Regarding the proposed merger, Great Eastern was unable to immediately be reached for comment. The firm requested for a buying end of shares instantly after OCBC’s news.
” The sell is a natural progression of OCBC’s strategy”, OCBC CEO Helen Wong said in a speech.
We have been considering how to best utilize our money, and we think the offer will allow us to put our resources into a significant, OCBC-equity-accredited business.