Oversea-Chinese Banking Corporation Limited (SGX:O39) made an offer to acquire remaining 11.56% stake in Great Eastern Holdings Limited (SGX:G07) for SGD 1.4 billion on May 9, 2024. As per the transaction, Oversea-Chinese Banking Corporation Limited will acquire remaining shares at SGD 25.6 share. The Offeror has no current intentions to (i) introduce any major changes to the existing business of GEH, (ii) to redeploy the fixed assets of GEH or (iii) discontinue the employment of the existing employees of GEH and its subsidiaries, other than in the ordinary and usual course of business. However, the Offeror retains the flexibility to at any time consider undertaking a strategic and operational review of GEH with a view to realising synergies, economies of scale, cost efficiencies and growth potential. The Offer will be unconditional in all respects. The Offer is expected to be earnings accretive to Oversea-Chinese Banking Corporation Limited. The Offeror intends to seek a delisting of GEH from the SGX-ST if the Free Float Requirement is not met. As on May 31, 2024, Pursuant to Section 215(1) of the Companies Act, if the Offeror receives valid acceptances pursuant to the Offer or acquires Shares from the Despatch Date otherwise than through valid acceptances of the Offer, in respect of not less than 90 per cent. of the total number of Shares in issue The Offeror, if so entitled, intends to exercise its rights of compulsory acquisition. The Offer is open for acceptance by Shareholders for at least 28 days from the Despatch Date, unless the Offer is withdrawn with the consent of the SIC and every person and Accordingly, the Offer will close on June 28, 2024 or such later date(s) as may be announced from time to time by or on behalf of the Offeror. If the Offer is extended, the announcement of the extension need not state the next Closing Date but may state that the Offer will remain open until further notice. In such a case, the Offeror must give Shareholders at least 14 days prior notice in writing before it may close the Offer. Except as expressly provided in this Offer Document and the Code, acceptances of the Offer shall be irrevocable. As of June 14, 2024, offer period extended from June 28, 2024 to July 12, 2024, and the Offer will not be open for acceptance beyond the Final Closing Date. J.P. Morgan Securities Asia Private Limited on behalf of the Oversea-Chinese Banking Corporation announced that Offer Price is final and the Offeror does not intend to increase the Offer Price. The Offeror has received valid acceptances of the Offer in respect of an aggregate of 421,285,425 shares, representing approximately 89.01% of the total number of Shares, as at June 13, 2024. On June 19, 2024, offeror has purchased 478,700 Shares on the Singapore Exchange Securities Trading Limited. With this Resultant total number of Shares owned, controlled, acquired or agreed to be acquired by the Offeror and the parties acting in concert with the Offeror is 422,858,251 shares representing approximately 89.34%. On June 20, 2024, offeror has purchased 684,800 Shares, with this resultant total number of Shares owned, controlled, acquired or agreed to be acquired by the Offeror and the parties acting in concert with the Offeror is 423,783,264 shares representing approximately 89.53%. On June 23, 2024, offeror has purchased 48,200 Shares, with this resultant total number of Shares owned, controlled, acquired or agreed to be acquired by the Offeror and the parties acting in concert with the Offeror is 425,602,373 shares representing approximately 89.92%. On June 25, 2024, offeror has purchased 137,500 Shares, with this resultant total number of Shares owned, controlled, acquired or agreed to be acquired by the Offeror and the parties acting in concert with the Offeror is 427,487,484 shares representing approximately 90.32%. In view of the Level of Acceptances Announcement, the Board wishes to announce that as at June 25, 2024, the percentage of the total number of issued Shares held in public hands has fallen to below 10% and accordingly, the Free Float Requirement is not satisfied. As stated in the Offer Document, the Offeror intends to seek a delisting of the Company from the SGX-ST if the Free Float Requirement is not met. The Offeror does not intend to support any action or take any steps to maintain the listing status of the Company in the event the Free Float Requirement is not met and the trading of the Shares on the SGX-ST is suspended. In addition, the Offeror reserves the right to seek a voluntary delisting of the Company from the SGX-ST. Shareholders who do not accept the Offer should note that in the event, such Shareholders will continue to hold their Shares and remain shareholders of the Company but will not be able to trade such Shares on the SGX-ST.

J.P. Morgan Securities Asia Private Limited acted as exclusive financial advisor and Allen & Gledhill acted as legal advisor to Oversea-Chinese Banking Corporation Limited. Boardroom Corporate & Advisory Services Pte. Ltd acted as agent to the offeror. Ernst & Young Corporate Finance Pte Ltd. acted as financial advisor to independent directors of Great Eastern Holdings Limited.

Oversea-Chinese Banking Corporation Limited (SGX:O39) acquired additional 5.08% stake in Great Eastern Holdings Limited (SGX:G07) for approximately SGD 620 million on July 12, 2024. As of July 12, 2024, the total number of Shares owned, controlled, acquired or agreed to be acquired by the Offeror and the Offeror Concert amount to an aggregate of 442,651,557 Shares, representing approximately 93.52% of the total number of Shares. As the Offeror holds 90% or more of the total number of Shares pursuant to the Offer, Shareholders who have not accepted the offer will have a right, to require the Offeror to acquire their Offer Shares at the Offer Price for a period of three months from the date on which the notice is issued by the Offeror. The Notice to Non-Assenting Shareholders in the form prescribed under the Companies Act will be despatched by the Offeror to Non-Assenting Shareholders by July 24, 2024.