Great Eastern Holdings (GEH) has allotted and issued 29,711,041 bonus ordinary shares and 443,608,028 Class C non-voting shares to eligible shareholders, ahead of its trading resumption on Aug 21 at 9am.
At an extraordinary general meeting (EGM) on July 8, less than 75% of minority shareholders supported the company’s proposed delisting. As a result, over 90% of all shareholders, including major shareholder Oversea-Chinese Banking Corp (OCBC), voted instead to amend GEH’s constitution to allow the issuance of non-voting Class C shares.
On Aug 14, GEH announced that minority shareholders owning 29.7 million shares have elected to receive the bonus issue, and shareholders owning 5,423 shares voted to receive the Class C shares.
Under this arrangement, minority shareholders could choose between receiving a one-for-one bonus issue or Class C shares, while OCBC committed to taking Class C shares. On Aug 14, GEH confirmed that minority shareholders holding 29.7 million shares opted for the bonus issue, while holders of 5,423 shares chose Class C shares.
This move reduces OCBC’s stake from 93.7% to 88.19%, thereby restoring GEH’s public free float. Following the one-for-one bonus issue, shareholders effectively doubled their holdings — for instance, an investor with 1,000 shares now holds 2,000 shares as of Aug 21.
With the issuance completed, GEH’s total share base now stands at 503,030,110 ordinary shares and 443,608,028 Class C non-voting shares, up from the previous 473,319,069 shares.
