Dissident minority investor calls on OCBC to unlock value by distributing Great Eastern stake
The bank says Great Eastern remains integral to its strategy, but a distribution of the insurance unit’s shares may be the most sensible way to resolve its trading suspension
Add BT as a preferred source
FORMER remisier Ong Chin Woo, who fought to unlock value for minority shareholders of Great Eastern earlier this year, has begun the next stage of his campaign.
In a letter dated Nov 15, Ong asked the board of OCBC to consider distributing all the Great Eastern shares the banking group holds.
By his reckoning, OCBC shareholders could receive approximately 98 Great Eastern shares for every 1,000 OCBC shares they own. Based on Great Eastern’s last traded price, this proposed distribution would be worth just over S$2.50 per OCBC share.
TRENDING NOW
Johor property old hand KSL readies family handover amid market boom
Wilmar, Musim Mas among palm-oil firms in Indonesia under probe for suspected export under-invoicing
Sats may reward shareholders with special dividend if there’s spare cash
Property group Lee Kim Tah reaches settlement with ex-director in ongoing misconduct probe
