“While we have never wavered in our strategic intention to delist Great Eastern, this offer is made to avail to GEH shareholders the opportunity to exit the stock after an 11-month suspension in share trading,” says OCBC’s group CEO Helen Wong in the statement issued by OCBC on June 6.
Shares in Oversea-Chinese Banking Corporation (OCBC) may outperform in the near term after lagging its peers, says Citi Research analyst Tan Yong Hong.
Tan was referring to OCBC’s June 6 announcement that it will support Great Eastern Holdings (SGX:G07
) ’ (GEH) proposal to seek a delisting of the latter’s shares with a $0.9 billion conditional exit offer of $30.15 per share for the 6.28% stake in GEH that OCBC does not own.
