Great Eastern Holdings Ltd is set to return to trading on the Singapore Exchange after failing to obtain the required shareholder approval for its proposed delisting, backed by its majority owner, Oversea-Chinese Banking Corp (OCBC).
The outcome was disclosed following a general meeting, where only 63.5% of minority shareholders supported the delisting motion – below the 75% approval threshold necessary to proceed.
In a separate statement published by Bloomberg, OCBC confirmed that its S$900 million (US$704 million) offer to acquire the remaining shares it does not already hold has lapsed.
OCBC has maintained a controlling interest in the insurer since 2004 and has made several previous attempts to take it private.
Under the latest proposal, the bank offered S$30.15 per share for the 6.28% stake it did not own, increasing its earlier offer by nearly 18%.
With the failed bid, Great Eastern announced it will issue additional shares to maintain compliance with Singapore’s minimum public float requirements. This adjustment will reduce OCBC’s current stake from around 94% to approximately 88%.
A date for when trading will resume has not yet been disclosed.
Shares in Great Eastern have remained suspended since July 2024, following OCBC’s earlier attempt at a delisting that also fell short of regulatory thresholds.
Market analysts indicate the failed offer is unlikely to alter OCBC’s operational control or overall strategy.
“Whether OCBC owns 94% or 100%, it has a minimal impact on earnings or strategy as they are already in control,” said Jayden Vantarakis, head of equity research for Southeast Asia at Macquarie Capital, as reported by Bloomberg.
Over the past decade, Great Eastern has contributed an average of S$700 million in annual net profit to OCBC, representing about 15% of the bank’s total earnings.
Some minority investors had voiced concerns that the offer undervalued the insurer, citing its embedded value of S$38.08 per share as of 2024.
The bid’s collapse takes place against a backdrop of steady M&A activity in Asia-Pacific, even as global volumes decline.
Data from GlobalData showed that dealmaking in the region fell by 2% year-over-year from January through May 2025, a smaller contraction than those seen in North America, Europe, and other regions.
Globally, mergers and acquisitions dropped by around 4% over the same period.
