Across the Causeway, Sungei Bagan Rubber Company owns 4.765 million shares according to GEH’s 2024 annual report. With the 1-for-1 bonus issue as part of the relisting effort, Sungei Bagan will probably hold 9.53 million shares. These shares are entitled to GEH’s full 1HFY2025 dividend payout, giving the Malaysian entity a further $2.383 million.
Great Eastern Holdings’ (GEH) share price is at a new all-time high. At its closing price on Sept 16 of $15.73, it is higher than the theoretical exit offer by Oversea-Chinese Banking Corporation (OCBC) if the vote to delist GEH had been successful, and $5.86 higher than the $25.60 (pre-bonus issue) that was offered to all the minority shareholders of GEH last year.
Since GEH is consolidated within OCBC, its share price is unlikely to impact valuations. The key figure for OCBC’s investors is GEH’s contributions to OCBC’s net profit. On the other hand, the wealth of the Wong family and other minorities, such as hedge fund Palliser, will have risen.
