OCBC-GEH saga: Could the insurer’s suspension be resolved through a selective capital reduction?
Many GEH minorities want their shares priced close to embedded value; Sungei Bagan could be a means of speculating on an attractive deal
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At OCBC’s annual general meeting on Apr 17, chairman Andrew Lee left no doubt that the banking group has been unmoved by calls for it to distribute its stake in Great Eastern Holdings (GEH) to its shareholders.
“(We) are not blinking,” he said, after reiterating OCBC’s longstanding position that its insurance unit is a significant source of earnings, and provides the group with a unique competitive advantage in the wealth management field.
Lee also defended OCBC’s miserly offer price of S$25.60 per share for GEH last year, saying it was based on work done by its investment bankers. “We paid millions for the advice,” Lee noted.
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