Great Eastern halts trading of its shares in SGX

This follows OCBC's increased shareholding in the insurer.

Great Eastern Holdings said that its shares will be suspended from trading on the Singapore Exchange (SGX) beginning today, from 9:00AM.

This follows OCBC's increased shareholding in Great Eastern, which now exceeds 90%, reducing the public float to below 10%.

OCBC's general offer for Great Eastern shares has raised its stake from 88.44% to 93.32% as of 12 July. 

Despite this change in ownership, Great Eastern’s insurance business and operations remain unaffected. 

Policyholders' contracts are unchanged, and the company continues to offer its full range of insurance solutions.

“I would like to assure all our policyholders that their insurance policies with us remain unaffected and they will continue to receive the same high standards of service from Great Eastern and our financial representatives. Our financial strength remains solid as before, and arguably stronger based on the increased market value of our shares following the announcement of the Offer.” Khor Hock Seng, Group chief executive officer of Great Eastern, said in a statement.