Oversea-Chinese Banking Corporation (OCBC) announced on June 23 that it is electing for the Class C non-voting shares at the request of Great Eastern Holdings(GEH) to help the latter meet the free float requirement and the resumption of trading.

Hence, OCBC has no intention to convert its Class C non-voting shares to ordinary shares on or after the fifth anniversary of the first issuance of the Class C non-voting shares as it will result in GEH losing its free float again.

OCBC made the announcement to clarify that it will not convert the Class C shares in reply to The Edge Singapore's story, "Great Eastern Holdings: the maths is down to the wire", which suggested that OCBC can still propose privatisation and delisting when the Class C preference shares are due for conversion in five years.

Prior to the 2024 voluntary general offer (VGO), OCBC last made an offer for GEH 18 years ago in 2006. The announcement says regardless of the outcome on July 8, OCBC is satisfied with its 93.72% economic interests of GEH since October 2024, up from 88.44% before the VGO in May 2024, and adds: "OCBC has already stated in its announcement on June 6 that its exit offer is final and it has no intention to launch another offer in the foreseeable future."

OCBC goes on to say that the statement on non-conversion of the Class C shares may impact the decisions to be made by GEH shareholders at the EGM on July 8. OCBC will be satisfied the outcome of the voting whichever way it goes.

GEH has advised its shareholders to seek independent advice before making their decision.