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Great Eastern posts 52% higher Q3 profit of S$273.4 million
This is driven by contributions from its insurance business and favourable investment performance from shareholders&rsquo funds
GREAT Eastern posted a 52 per cent year-on-year increase in net profit to S$273.4 million for the third quarter ended September, from S$180.2 million in the previous corresponding period.
The group&rsquo s new business embedded value amounted to S$176.9 million, up 7 per cent on the year from S$165.1 million.
Total weighted new sales for Q3 was, however, down 7 per cent at S$390.8 million, from S$419.4 million previously.
The decline came amid lower single premium sales over the quarter this year, following the shift towards regular premium sales, said Great Eastern on Wednesday (Nov 6) in a business update.
For the nine-month period, net profit was up 39 per cent on the year at S$860.5 million. This was driven by contributions from its insurance business and favourable investment performance from shareholders&rsquo funds, said the group.
Total weighted new sales was up 19 per cent on the year at S$1.4 billion, and new business embedded value rose 13 per cent to S$515.8 million.
The better performance came amid sustained sales momentum in Singapore and Malaysia, said Great Eastern.
By segment, profit from insurance business was up 17 per cent on the year at S$638.1 million, mainly due to higher contract service margin and risk adjustment release from the life insurance unit.
Meanwhile, earnings from shareholders&rsquo fund surged 201 per cent year on year for the nine-month period to S$222.4 million. The higher profit was mainly due to higher interest and dividend income, as well as mark-to-market gains in equities and collective investment schemes, said the group.
Great Eastern said the capital adequacy ratios of its insurance subsidiaries for the quarter &ldquo remain strong and well above their respective minimum regulatory levels&rdquo .
Commenting on the latest set of results, group chief executive officer Greg Hingston said he viewed the sustained growth as a testament to the effectiveness of the insurer&rsquo s business strategies and approach in managing the business.
Shares of Great Eastern : G07 0% have been suspended from trading since Jul 15, when the number of shares in public hands dipped below the 10 per cent free float threshold after OCBC&rsquo s offer for the insurer&rsquo s shares closed.
Indeed. SGX did not say another extension was on the table but hey, there it is, given on a silver plate to the offeror, at the expense of minority shareholders. OCBC can probably keep extending over and over again, because SGX also wavering and dawdling - now, there seems no limit to the number of extensions either. They can tire out the minority shareholders, play the waiting game because SGX is all too happy to oblige.
Nobody at OCBC also had the decency to abide by the last deadline to update on the current status of their total shareholding by October too.
This whole episode stinks. A soft regulator who is happy to sit by the sidelines and watch on as the offeror cuts off its own nose to spite its face.
Nobody at OCBC also had the decency to abide by the last deadline to update on the current status of their total shareholding by October too.
This whole episode stinks. A soft regulator who is happy to sit by the sidelines and watch on as the offeror cuts off its own nose to spite its face.
Dont think ocbc got the majority.. think we should write in to SGX, MAS & press to question the process.
Are the regulators giving too much leeway to ocbc for oppressing the minorities like us retail investors ?
Why are extension after extension granted ? What is the max allowed ? What?s in the rule book ?
Are the regulators giving too much leeway to ocbc for oppressing the minorities like us retail investors ?
Why are extension after extension granted ? What is the max allowed ? What?s in the rule book ?
I have been looking for the info too. No announcements so far.
My guess is ocbc did not manage to get 75% of the 11.44% shares that did not own, so SGX may direct GE to restore its free float and relist the counter. Which explsins why GE has requested for another 3 months to do so.
My guess only.
My guess is ocbc did not manage to get 75% of the 11.44% shares that did not own, so SGX may direct GE to restore its free float and relist the counter. Which explsins why GE has requested for another 3 months to do so.
My guess only.
ihatebigbully ( Date: 28-Oct-2024 18:13) Posted:
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Has anyone knows how many shares OCBC collected so far? I cannot find the announcement in the SGX, can a kind soul please share it here. Thanks
moonsun ( Date: 24-Oct-2024 22:07) Posted:
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SGX is also Regulator..
so they have to be seen to be pro business to attract IPO listings here.. self disclosure regime.. corporate governance.. interested party transactions, extension to agm etc etc. All these are not strictly enforced..
anyway for the record? only new1 listings in SGX in 2024 out of over 500 listing in asia ..
wonder how they interpret fair and reasonable offer?
Dyodd
so they have to be seen to be pro business to attract IPO listings here.. self disclosure regime.. corporate governance.. interested party transactions, extension to agm etc etc. All these are not strictly enforced..
anyway for the record? only new1 listings in SGX in 2024 out of over 500 listing in asia ..
wonder how they interpret fair and reasonable offer?
Dyodd
How is it that GE can actually get an extension from SGX? It was never clear to the public that a listed co. can play delay tactics to tire out the minority shareholders - why is an extension even available?
At this point, the SG market and SGX totally deserve the brickbats it' s been receiving - it' s a poor market, simply because SGX has no idea how to stem this market shrinkage - when was the last major IPO? how many companies have since left the mainboard, only to be never replaced adequately? Investor confidence is ebbing and SGX is just stagnating and in cahoots with the big players to bully retail investors.
What a shitshow by the regulator, OCBC and GE!
At this point, the SG market and SGX totally deserve the brickbats it' s been receiving - it' s a poor market, simply because SGX has no idea how to stem this market shrinkage - when was the last major IPO? how many companies have since left the mainboard, only to be never replaced adequately? Investor confidence is ebbing and SGX is just stagnating and in cahoots with the big players to bully retail investors.
What a shitshow by the regulator, OCBC and GE!
Sharing an article from Mark Yuen Teen
CIP_Viewpoint_Issue1_Strengthening-investor-protection-in-delisting-situations.pdf
CIP_Viewpoint_Issue1_Strengthening-investor-protection-in-delisting-situations.pdf
Just hope SGX dont change their rules to benefit OCBC lor. Understand Hw also sits on SGX
Joelton ( Date: 22-Oct-2024 12:12) Posted:
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Sgx gives extension after extension !
Trying to help GE ! What the heck !
Diamond hands hold on..
Restore float of GE is what we seek !
Trying to help GE ! What the heck !
Diamond hands hold on..
Restore float of GE is what we seek !
Great Eastern gets further extension to Jan 24 to explore options for free float rule
OCBC&rsquo s final shareholding in Great Eastern will be known only on Oct 23
GREAT Eastern Holdings now has until Jan 24, 2025, to explore options to comply with free float requirements under the Singapore Exchange&rsquo s (SGX) listing rules.
The insurer had made an application to SGX for a further extension of time to examine its options for complying with these requirements, as OCBC&rsquo s final shareholding in Great Eastern will be known only on Oct 23.
SGX has no objection to granting the extension, the insurer said on Monday (Oct 21).
In May, OCBC made a voluntary unconditional general offer of S$1.4 billion for the remaining 11.56 per cent stake in Great Eastern that it did not already own, with the aim to delist the insurer. The lender&rsquo s offer closed on Jul 12.
The proportion of shares in the hands of the public dropped to less than 10 per cent at the offer&rsquo s close, with OCBC and its concert parties garnering 93.52 per cent of the shares in the insurer.
This is lower than the 98.87 per cent shareholding that is required to trigger a compulsory acquisition of the shares that the bank does not already own. It also falls short of the 97.17 per cent level at which frontline regulator SGX Regulation may have directed Great Eastern to make an offer to delist.
The offer price of S$25.60 per share represents a 36.9 per cent premium over Great Eastern&rsquo s last traded price of S$18.70 before the offer announcement. It is, however, at a 30 per cent discount to the insurer&rsquo s embedded value per share of S$36.59 as at Dec 31, 2023.
Shares of Great Eastern have been suspended from trading since Jul 15.
Dividend PLUS capital gain in sight for my switchee stock Bukit Sembawang !
http://stocklaser.blogspot.com
http://stocklaser.blogspot.com
Potential scenarios when general offers lead to the loss of public float (theedgesingapore.com)
Good aritcle from SGX REgCo.
Looking forward to 6 months later. In the meantime, collect dividend first.
Good aritcle from SGX REgCo.
Looking forward to 6 months later. In the meantime, collect dividend first.
I guess a lot will depend on the two main minority shareholder' s action.
Hope they continue their fight against the unfair offer.
Hope they continue their fight against the unfair offer.
For sure nothing will blink at least for the next 3 months as GE awaits for some dissenting shareholders who may have missed the dateline or change their mind and decided to throw in the towel.
Zhlim123 ( Date: 13-Jul-2024 16:32) Posted:
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But if geh relists, it will be more exciting.
Zhlim123 ( Date: 13-Jul-2024 16:14) Posted:
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i think those remaining shareholders will now wait for relisting or a more fair and reasonable exit offer.
finjungle ( Date: 13-Jul-2024 14:26) Posted:
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Let the show begin.See who blink first?
Joelton ( Date: 13-Jul-2024 12:07) Posted:
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OCBC garners 93.52% of Great Eastern&rsquo s shares at offer close, falls short of compulsory acquisition threshold
Trading in the counter will be suspended from Jul 15, as the number of shares in public hands is below the 10% free float threshold
OCBC : O39 +0.53% and its concert parties have garnered 93.52 per cent of shares in Great Eastern Holdings : G07 +0.66% (GEH) as at the close of the offer on Friday (Jul 12).
This is lower than the 98.87 per cent shareholding that is required to trigger a compulsory acquisition of shares that OCBC does not already own in the insurer.
It also falls short of the 97.17 per cent level at which frontline regulator SGX RegCo may have directed Great Eastern to make an offer to delist.
Trading in GEH&rsquo s shares will be suspended with effect from 9 am on Jul 15, as the number of shares in public hands has dipped below the 10 per cent free float threshold.
However, existing GEH shareholders who have yet to accept OCBC&rsquo s offer can still do so, as the bank and its concert parties hold more than 90 per cent of the insurer&rsquo s shares.
A notice will be sent to these shareholders by Jul 24, following which a three-month period in which they can exercise the right to encash their shares will kick in.
In a media release on Friday night, GEH stressed that the suspension of trading in its shares will &ldquo have no impact whatsoever&rdquo on its insurance business and operations.
There will also be no changes to policyholders&rsquo insurance contracts with GEH, said group chief executive officer Khor Hock Seng.
&ldquo 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,&rdquo he added.
OCBC had in May made a voluntary unconditional general offer of S$1.4 billion for the remaining 11.56 per cent stake in Great Eastern that it did not already own, with the aim to delist the insurer.
This translated to an offer price of S$25.60 per share, which represented a 36.9 per cent premium over Great Eastern&rsquo s last traded price of S$18.70, prior to the offer announcement.
However, it was at a 30 per cent discount to the insurer&rsquo s embedded value per share of S$36.59 as at Dec 31, 2023.
In June, the independent financial adviser to the deal, professional services firm EY, determined that OCBC&rsquo s offer was &ldquo not fair but reasonable&rdquo .
Indeed, why sell off a gem for pennies
Wbuffet ( Date: 13-Jul-2024 09:42) Posted:
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