SBAGAN (2569): News and Blogs

https://www.straitstimes.com/business/great-eastern-minority-shareholders-seeking-better-offer-from-ocbc

1 month ago

Yes
If deal does not go through SBagan will go back to 3.60...

1 month ago

Mr Wong Hong Sun, whose grandfather was chairman of Great Eastern for close to 20 years, holds more than three million shares. “Even if I am not sentimental, I won’t sell,” he said. “Half price is no way.”

Can the deal go through?
🤞🤞

I pray pray the shareholders will accept the offer n the deal goes through!

1 month ago

Dont think will fall to 3.60 ah

1 month ago

zildjian

if sg bagan back to square RM3.600, sailang all and keep for nxt generation

1 month ago

Ovantage

We have till end of June for geh shareholders to decide..at least 28 days from now

1 month ago

Ovantage

Like what I said, if Ocbc can strike a deal with lee Thor seng.. they can compulsory acquire geh shares at that price.. lee Thor is one one the key with 7.733 million geh shares under his control

1 month ago

Singaporeans very legalistic!

EY the financial adviser will advice !
Chances are...
The deal will go through!

1 month ago

A piece of UNBELIEVABLE LUCK 2day!!! I managed to fortuitously grab 84 units of Sungei Bagan odd lots shortly after I logged in @ 4:10 pm offered for sale @ $4.77, thus saving $136 compared to the lowest price on the board lot mkt!!! SOLD 300 more units of sister Kuchai that roughly represents the no. of SBagan shares that I so fortunately bought @ a huge discount!!!

1 month ago

@Dompeilee
Congrats!
Happiness!
Good Luck!

Pray pray deal will go through n OCBC will offer a higher price to take over!

1 month ago

Definetly not at 25.60. Sg bagan shareholder may benefit from a revised offer of their share instead

3 weeks ago

Or sell to the market. More than 26 currently.

3 weeks ago

Decision time is near. Accept or reject?

2 weeks ago

OCBC intends to delist GE if the free float requirement of 10 per cent is not met, noted EY in a letter to independent directors that advised them on making recommendations to GE shareholders.

2 weeks ago

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OCBC’s offer to Great Eastern shareholders ‘not fair but reasonable’, shareholders should accept it: EY
Prisca Ang
Business Correspondent
UPDATED JUN 14, 2024, 09:52 PM
FacebookTelegram
SINGAPORE – OCBC’s offer to buy the remaining shares of Great Eastern from minority investors is “not fair but reasonable”, said independent financial adviser Ernst & Young Corporate Finance on June 14.

In a separate statement after EY’s filing to the Singapore Exchange, OCBC said its $25.60 a share offer price is final and will not be increased. The bank also extended the offer’s closing date from June 28 to July 12.

OCBC made a $1.4 billion bid on May 10 to take its insurance arm GE private following recent shareholder unhappiness over falling returns. Its voluntary, unconditional general offer was for the 11.56 per cent stake in GE that it does not own.

2 weeks ago

The offer price represented a 36.9 per cent premium over GE’s closing price of $18.70 on May 9. However, it was also 30 per cent lower than the insurer’s $36.59 per share embedded value as at the end of the insurer’s last financial year.

OCBC had received acceptances for 1.74 million GE shares, or 0.37 per cent of the total, as at the end of June 13.

This raises the bank’s stake in GE to 88.8 per cent, and to 89.01 per cent if the number of shares held by OCBC’s concert parties is included. Concert parties refers to a group of investors who buy shares in the same company.

2 weeks ago

Ocbc has to offer a higher price if not cannot delist as offer is unfair but reasonable

2 weeks ago

speakup

Life is not fair

2 weeks ago

Think OCBC will easily reach 90% by the July 12 deadline. Game over?

1 week ago

Under SGX rules, using Boustead Projects as an example in '23, even if 90% reached, in order to DELIST the co. the offeror needs to make a FAIR & REASONABLE offer to remaining holders. In Boustead's case, the initial 90c offer was raised to S$1.18 BUT the early acceptances did NOT benefit from the final raised offer.

1 week ago

So worst case scenario is $28.80

1 week ago

$28.88

1 week ago

@Dompeilee
Good that SGX has such a rule
Probably it's only a matter of time that the great Eastern shares will all be sold to OCBC.

Let's wait patiently!

1 week ago

If can be sold at a higher price @zhlim
Would even be better!!!

1 week ago

zildjian

mana tau announce special dividen after deal

1 week ago

I also vested as i have some geh shares

1 week ago

But this saga may drag longer than expected.

1 week ago

We not sure whether ocbc will give that fair and reasonable price on delisting day. If no have, means share suspension

1 week ago

Then 6 month later relist back again

1 week ago

SGX rule very very strict!
Fair n transparent!
They act fast too

1 week ago

Presently, and mindful of the 10% free-float rule, investors in GEH are concerned that the purchase price on June 19 is at a significant discount to GEH’s embedded value of $37.81 per share in FY2022. This, in turn is 2% lower than FY2021’s $38.57.

Embedded value is the sum of the value of In-Force Business and the value of the adjusted Shareholders’ Funds. The value of the In-Force Business is calculated using cash flow assumptions for future operating experience and are discounted at a risk-adjusted discount rate. The value of the In-Force Business varies from traditional DCF methods to arrive at an NPV because the risk-adjusted discount rate and allowance for the cost of holding statutory reserves for risk are approximates.

The economic value of one year’s new business rose by 7.1% y-o-y in FY2022 to $860.4 million. However, shareholders’ equity fell by 6% to $9,431.4 million.

The closer OCBC’s stake gets to 90%, the stronger the likelihood of compulsory acquisition by OCBC

1 week ago

Many rich are similar to OCBC. They have billions but scrimp & save pennies:

https://www.straitstimes.com/world/europe/members-of-britains-richest-family-get-jail-terms-for-exploiting-indian-staff-at-switzerland-mansion

1 week ago

Firstly, even after fair and reasonable, it also have to meet threshold of 75% valid acceptance. Then for compulsory acquisition, is 90% of independent shareholder.

1 week ago

https://www.theedgesingapore.com/news/ma/great-easterns-free-float-falls-below-10-it-may-need-restore-free-float

Latest news

1 week ago

INGAPORE - Minority shareholders of Great Eastern (GE) who are holding out for a better exit offer from OCBC Bank may be in for a long wait. How long?

Twenty years or so, if history is anything to go by.

1 week ago

Does the yearly dividend from Great Eastern justifies the holding out for a better offer?

1 week ago

As i said, this will be a very long fight

4 days ago

Oversea-Chinese Banking Corporation (OCBC) has issued a response to the letter sent by the Securities Investors Association Singapore (SIAS) on June 21.

In its letter, SIAS posed six questions pertaining to OCBC’s decision to stick to its original offer price of $25.60 per Great Eastern (GEH) share, key factors that led to the offer price, and more.

In its response dated June 27, OCBC explains that it already considered the “methodology, analysis and opinion” of its independent financial adviser (IFA), EY, before making the offer.

“We note the IFA, following the detailed analysis it has undertaken, had considered the traded multiples of comparable companies across various metrics, versus the multiples implied by our offer,” said the bank, adding that its offer price represented a 36.9% premium to GEH’s last-traded price the day before its privatisation announcement on May 10.

The letter, dated June 27, comes after GEH’s free float fell below the regulatory 10% on June 24.

“We further note that the IFA has opined that the offer is not fair but reasonable and has advised the independent GEH directors to recommend that GEH shareholders accept our offer and the independent GEH directors have concurred with the IFA’s recommendation,” continues the release.

4 days ago

Thank you Diamond7 for sharing.

3 days ago

Currently kuchai has not swapped it's shares with SBagan

Kuchai is still holding the GE shares
Can kuchai sell the shares to OCBC?

2 days ago

Looks like by the time the deadline for the exchange arrives, Great Eastern would already be swallowed by OCBC & the original agreement has to be significantly amended to reflect the much enlarged cash pile & the corresponding reduction in the equity asset column.

2 days ago

@Dompeilee you mean the transaction between sbagan and kuchai will most likely go through?

2 days ago

AhPek

Don't think Sg Bagan will allow OCBC to buy over GE shares from Kuchai. Already 90%+ of Kuchai's shareholders voted in favour of the resolution so there is no turning back unless there is another resolution to overrule the earlier resolution. I think OCBC needs to negotiate with Sg Bagan and not Kuchai. As it stands, Sg Bagan got the upper hand and not Kuchai. Just my opinion.

2 days ago

But the proposed acquisition approved by resolution has not gone through at least till Oct 26th at the earliest while Kuchai is still in Great Eastern's register as the owner of 3,032,000 of its shares so how can OCBC be buying from SBagan more than its own 1.73 mil shares?

2 days ago

AhPek

Very interesting development. Don't know how it's going to end up. Hope a win-win for both Kuchai and Sg Bagan shareholders.

1 day ago

There must be a good reason why they pushed it so far forward to 29 Oct when the closing date to accept the OCBC offer is 12 July. Is there a hidden message? Read between the lines.

1 day ago

@lionel messi what is the hidden line?

1 day ago