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 The Offer is open for acceptance by Shareholders for at least 28 days from the Despatch Date, unless the Offer is withdrawn with the consent of the SIC and every person and Accordingly, the Offer will close on June 28, 2024 or such later date(s) as may be announced from time to time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.

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.