Great Eastern granted deadline extension to restore its public float

The insurer was given a deadline of 23 October.

Singapore Exchange Securities Trading Limited (SGX-ST) has granted Great Eastern an extension of time to restore its public float until 23 October.

Great Eastern has failed to maintain at least 10% of the total number of issued shares in public hands, and as per the listing rules, the trading of its shares has been suspended since 15 July, at 9 am.

On June 24, Oversea-Chinese Banking Corporation (OCBC) and concert parties acquired 90.16% of Great Eastern’s shares, totaling 426,749,174 shares. This acquisition caused Great Eastern’s public float to drop below 10%.

Great Eastern said it will explore options to comply with the requirements of the Listing Manual.