Continue reading this on our app for a better experience

Open in App
Home News Finance

Shareholder likely has sufficient numbers to table resolutions at Great Eastern's next AGM

The Edge Singapore
The Edge Singapore  • 1 min read
Shareholder likely has sufficient numbers to table resolutions at Great Eastern's next AGM
Photo: The Edge Singapore
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Ong Chin Woo, a shareholder of Great Eastern Holdings G07 -

has sent a letter to GEH’s board requesting that three resolutions be tabled at its AGM. 

The three resolutions tabled by Ong are: To withhold 30% of Board of Directors’ fees until GEH’s share price recovers to 0.8 times of its Embedded Value; to replace OCBC shares in the current Executive Share Option Schemes for GEH's management with GEH shares; and to appoint an independent financial advisor to explore options to enhance GEH shareholders’ value.

Ong says he has collected 100 signatures to requisition for the three resolutions to be tabled at GEH's upcoming AGM. 

According to the Companies Act, the company is entitled to receive notice of the next annual AGM, any resolution which "may properly be moved", from  shareholders with not less than 5% of voting rights, or at least 100 shareholders. 

Ong believes that GEH is trading at a significant discount to its embedded value of $36.59 per share because of  the lack of liquidity. Oversea-Chinese Banking Corp holds 88% of GEH. 

Additionally, Ong calculates that GEH has an excess of around $1.45 billion in risk-based capital, or around $3 per share. 

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.