Great Eastern now has till Jan 24, 2025, to comply with the free float rule. The extension was announced on Oct 21, two days before the company’s previous deadline of Oct 23.
On Aug 2, Great Eastern said it had received approval from the Singapore Exchange S68 Securities Trading (SGX-ST) that it had till Oct 23 to explore options to restore its public float. The trading of shares in Great Eastern was suspended from 9am on July 15. The company lost its free float on June 14 when offeror Oversea-Chinese Banking Corporation (OCBC) received 1.48 million shares – or 0.31% acceptances from shareholders – taking the bank’s total stake to 90.16%.
In its Oct 21 announcement, Great Eastern said its shareholders who have not accepted OCBC’s offer will have till 5.30pm on Oct 23 to decide whether to exercise their right under Section 215(3). The section means these shareholders have the right to require OCBC to acquire their shares on the same terms set out in the offer document. It added that OCBC’s stake in the company may increase should any of these shareholders elect to exercise their right prior to Oct 23.
Similar to its Aug 2 announcement, Great Eastern said, on Oct 21, that OCBC’s final stake in the company will only be known after the completion of the exercise of Section 215(3). As such, Great Eastern had to apply to the SGX-ST again to seek approval for an extension of time for the latter to consider the options available to it to comply with the free float requirement.
Great Eastern will announce its business update for the 3QFY2024 ended Sept 30 on the morning of Nov 6.
Shares in Great Eastern last traded at $25.80 before its suspension.
