OCBC gave an undertaking to vote in favour of a constitutional change that would enable GEH to issue Class C shares and bonus issue shares. Minority shareholders were given a choice of whether to elect to receive a one-for-one bonus issue or the Class C shares. OCBC had committed to elect Class C shares.
Great Eastern Holdings has allotted and issued 29,711,041 bonus ordinary shares and 443,608,028 Class C non-voting shares to entitled shareholders, ahead of the resumption of its trading on Aug 21 at 9am.
During an extraordinary ordinary meeting (EGM) on July 8, less than 75% of minority shareholders voted for delisting. That led to more than 90% of all the shareholders, including major shareholder Oversea-Chinese Banking Corp (OCBC), voting to change the constitution of GEH to enable it to issue Class C shares which do not carry voting rights.
