The bank says Great Eastern remains integral to its strategy, but a distribution of the insurance unit’s shares may be the most sensible way to resolve its trading suspension
FORMER remisier Ong Chin Woo, who fought to unlock value for minority shareholders of Great Eastern earlier this year, has begun the next stage of his campaign.
In a letter dated Nov 15, Ong asked the board of OCBC to consider distributing all the Great Eastern shares the banking group holds.
By his reckoning, OCBC shareholders could receive approximately 98 Great Eastern shares for every 1,000 OCBC shares they own. Based on Great Eastern’s last traded price, this proposed distribution would be worth just over S$2.50 per OCBC share.
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