Posted by Zhlim014 > 2024-06-28 02:50 | Report Abuse

As i said, this will be a very long fight

Posted by Diamond7 > 2024-06-28 07:19 | Report Abuse

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.

Posted by lionel messi > 2024-06-28 15:01 | Report Abuse

Thank you Diamond7 for sharing.

Posted by Diamond7 > 2024-06-29 15:05 | Report Abuse

Currently kuchai has not swapped it's shares with SBagan

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

Posted by dompeilee > 2024-06-29 18:07 | Report Abuse

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.

Posted by Zhlim014 > 2024-06-29 23:17 | Report Abuse

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

Posted by AhPek > 2024-06-30 01:11 | Report Abuse

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.

Posted by AhPek > 2024-06-30 14:22 | Report Abuse

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

Posted by lionel messi > 2024-06-30 21:04 | Report Abuse

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.

Posted by Zhlim014 > 2024-06-30 23:51 | Report Abuse

@lionel messi what is the hidden line?

Posted by Zhlim014 > 2024-07-01 21:59 | Report Abuse

You mean they will talk behind scene until 29 oct?

Posted by AhPek > 2024-07-02 14:43 | Report Abuse

I think they will just let 12 Jul lapse. Drag on so that they will get more time to get a better offer from OCBC.

Posted by AhPek > 2024-07-02 14:46 | Report Abuse

The major minorities shareholders of GE is fighting for a higher price from OCBC.

Posted by AhPek > 2024-07-12 23:13 | Report Abuse

Seen the latest announcement?

Posted by Diamond7 > 2024-07-13 04:00 | Report Abuse

Oversea-Chinese Banking Corporation’s offer for Great Eastern Holdings G07 0.00% closed at 5.30pm on July 12. OCBC now holds 93.52% of GEH. On June 25, OCBC’s ownership crossed 90%. As a result, GEH shares will be suspended on Monday July 15.

Accordingly, the offer is no longer open for acceptance and any acceptances received after 5.30 p.m. (Singapore time) on 12 July 2024 will be rejected. However, shareholders who have not accepted the offer can still require the offeror to acquire their shares at the offer price pursuant to Section 215(3) of the Companies Act.

This says the transferee or offeror must, within one month from the date of the transfer, give notice to holders of the remaining shares that haven’t been tendered, that they can still tender their shares, and OCBC will have to accept them

Posted by Diamond7 > 2024-07-13 04:03 | Report Abuse

The date of transfer refers to the date on which OCBC’s shareholding crossed 90%, on June 25. On July 24, OCBC will likely be announcing that GEH shareholers can still accept the offer at $25.60 per share and this offer will be open for three months from July 24.

OCBC group CEO Helen Wong unveiled a One Group strategy last year. GEH is likely to be part of that strategy. Interestingly, analysts have pointed out that OCBC doesn't charge GEH any bancassurance fees as these are not indicated in its annual report. In 2019, United Overseas Bank U11 0.03% and Prudential renewed a bancassurance agreement for 15 years for $1.5 billion over the course of the 15 years.

Posted by AhPek > 2024-07-13 10:55 | Report Abuse

How will this exercise going to affect Kuchai and Sg Bagan's shareholders?

Posted by Diamond7 > 2024-07-13 17:27 | Report Abuse

GEH to be suspended on July 15 but OCBC will continue to accept GEH shares for further three months...

Posted by AhPek > 2024-07-14 01:18 | Report Abuse

So this is actually very beneficial to Sg Bagan as Sg Bagan already executed the resolution.

Posted by Diamond7 > 2024-07-14 12:07 | Report Abuse

My guess is...

SBagan will sell the Great Eastern shares to OCBC within the 3 months after acquisition from Kuchai.

Deal with kuchai is still on going. Takes some time!

Posted by Diamond7 > 2024-07-14 13:59 | Report Abuse

50-50

All not sure if the great Eastern shares will be sold to OCBC or not!

Posted by AhPek > 2024-07-14 20:48 | Report Abuse

The notice did not mention the ex-date for taking over the assets and liabilities of Kuchai. Even if Sg Bagan doesn't sell the GEH shares to OCBC, it's still a valuable shares to hold. For long term, I think Sg Bagan's share should fly.🤞

Posted by Zhlim014 > 2024-07-15 11:43 | Report Abuse

And kluang will fly together

Posted by Zhlim014 > 2024-07-15 11:44 | Report Abuse

Or maybe have takeover of sg bagan asset by kluang

Posted by Diamond7 > 2024-07-17 06:24 | Report Abuse

Lessons from OCBC’s offer for Great Eastern: be unafraid to hold out, but do so with eyes open
Earn dividends from shares that are suspended from trading and wait for a richer future offer

Leslie Yee
Leslie Yee
Published Tue, Jul 16, 2024 ·

Posted by Diamond7 > 2024-07-21 16:09 | Report Abuse

On July 24, OCBC will likely be announcing that GEH shareholders can still accept the offer at $25.60 per share and this offer will be open for three months from July 24.

There is still hope that after the kuchai SBagan swap deal...

SBagan can still sell the Great Eastern shares to OCBC within the three months

Posted by dompeilee > 2024-07-31 17:34 | Report Abuse

Great Eastern, though suspended, has announced a fantastic set of results & an improved dividend of 45c per share payable in a month, so I believe the two sister companies should benefit.

Posted by dompeilee > 2024-08-01 10:03 | Report Abuse

SOLD 1 lot @ $6.34 to secure my 992nd consecutive capital gain day since July 29th 2020!🤗

Posted by calvintaneng > 2024-08-03 00:41 | Report Abuse

Poor dompeilei got tunnel vision
She CANNOT see Value in TSH RESOURCES

UNDERSTANDING DIFFERENT FORMS OF VALUE IN VALUE INVESTING, Calvin Tan

https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/2024-08-03-story-h-155170407-UNDERSTANDING_DIFFERENT_FORMS_OF_VALUE_IN_VALUE_INVESTING_Calvin_Tan

Posted by Diamond7 > 2024-08-04 13:20 | Report Abuse

KUALA LUMPUR (June 26): The cut-off date for the proposed disposal of Kuchai Development Bhd’s (KL:KUCHAI) assets and liabilities to Sungei Bagan Rubber Company (KL:SBAGAN) in return for a 29.37% stake in Sungei Bagan has been extended by four months to October 29.

The two companies on Wednesday signed a supplemental letter for the extension, according to Kuchai and Sungei Bagan's filings with the stock exchange, which did not specify the reason for the extension.

Posted by Diamond7 > 2024-08-04 13:22 | Report Abuse

This swap benefits SBagan...
Time will tell!

Posted by Ovantage > 2024-08-13 11:24 | Report Abuse

Delisted share maybe big problem for sg Bagan, I still holding shares of Ytl land, nstp just to name a few..no dividends even annual report for delisted Share holders.

Posted by Ovantage > 2024-08-13 11:25 | Report Abuse

Hope this don’t happen to sbagan.. else it’s upto Ocbc to declare how much dividends to shareholders if any..

Posted by Ovantage > 2024-08-13 11:26 | Report Abuse

Since not listed, can have flexibility to do anything they want

Posted by AhPek > 2024-08-13 17:51 | Report Abuse

Sg Bagan got💪💪💪. Don't think OCBC can bully them.

Posted by Ovantage > 2024-08-13 20:55 | Report Abuse

Don’t think so.. only 1 % holding in geh.. upto to people to fish meat.

Posted by AhPek > 1 month ago | Report Abuse

The swap has been sealed. Just wait for the cut-off date. Good for Sg Bagan's shareholders.

Posted by multi530 > 1 month ago | Report Abuse

wondering SBagan to sale Great Eastern or not.

Posted by multi530 > 1 month ago | Report Abuse

if not, share price may be stand above RM6

Posted by AhPek > 1 month ago | Report Abuse

Hope they sell and distribute to shareholders.

Posted by Diamond7 > 1 month ago | Report Abuse

I hope the great Eastern deal will go through too!
Let's wait patiently..!

Anyway
The swap with kuchai oso excellent!!!

Posted by Diamond7 > 1 month ago | Report Abuse

Hopefully after this exercise
SBagan will have implement some cooperate exercise to energise this stock!

Posted by taitaumau > 1 month ago | Report Abuse

Ref. SB 4Q report (ending 30/6/24) released on 28/8/24
As in the past, GE shares are classified as investment under non-current assets.
So, may i assume that SB has no intention to dispose of the shares within 1 year ?
Any possibility that the shares be re-classified as current assets b4 auditor sign off his report ? ? ?

Posted by multi530 > 1 month ago | Report Abuse

dont worry too much, Annual reports is going to announce soon, just watch out.

Posted by mf > 1 month ago | Report Abuse

IDF eliminates Hezbollah's Suhail Hussein Husseini, commander of terror group's headquarters
Story by JERUSALEM POST STAFF • 1h • 1 min read

Posted by Diamond7 > 1 month ago | Report Abuse

What will happen to SBagan after the swap?
Will they sell the great Eastern shares to OCBC ?

Posted by Ahthau > 1 month ago | Report Abuse

Any dividend declare this few days ?

Posted by Diamond7 > 1 month ago | Report Abuse

SBagan is cash rich!
Think the dividend yield will be good!

Posted by dompeilee > 1 month ago | Report Abuse

Disappointing dividend of 8c...less than 1.4% yield. My original stake already > DOUBLED so I'll hang on to as many shares as possible while awaiting my stake in Kuchai to give me more! Kuchai itself stands to receive $2.14 mil cash.

Posted by Diamond7 > 4 weeks ago | Report Abuse

SINGAPORE (Oct 22): Great Eastern now has till Jan 24, 2025 to comply with the free float rule. The extension was announced on Monday, two days before the company’s previous deadline of Oct 23.

On Aug 2, Great Eastern said it had received approval from the Singapore Exchange Securities Trading that it had until Wednesday to explore options to restore its public float. The trading of shares in Great Eastern was suspended from 9am on July 15.

The company lost its free float on June 14, when offeror Oversea-Chinese Banking Corporation (OCBC) received 1.48 million shares — or 0.31% acceptances from shareholders — taking the bank’s total stake to 90.16%..

Still got HOPE!!!