Great Eastern unit subscribes for additional shares in GEH subsidiary for S$24m

GREAT Eastern Holdings' (GEH) subsidiary Lion Global Investors has subscribed for an additional 2.41 million shares in LGlobal Funds - a GEH subsidiary - for S$24 million cash or S$9.94 per share.

Following the completion of the subscription of the additional shares, Lion Global Investors and GEH's wholly owned Great Eastern Life Assurance Company will hold 39.54 per cent and 36.57 per cent of the share capital of LGlobal Funds.

With subsequent subscriptions and redemptions into and out of LGlobal Funds by investors (including by GEL in relation to its investment-linked insurance policies, GEH expects its percentage interest in LGlobal Funds to change over time.

LGlobal Funds, incorporated in May 2011 to offer Luxembourg sub-funds for subscription by investors, is an open-ended investment company.

As at end September 2016, LGlobal Funds has a net asset value of US$159.29 million and comprises several sub-funds, with each sub-fund being represented by one or more classes of shares.