Apr 19, 2011

Great Eastern lifts holding in Indo unit

Great Eastern Holdings Limited (GEH), via its wholly owned subsidiary The Great Eastern Life Assurance Company Limited (GEL), has subscribed for an additional 75 million shares in its Indonesian subsidiary, PT Great Eastern Life Indonesia (GELindo), for cash consideration of Rp75 billion.
GEL now holds 458.83 million shares (99.16%) in GELindo. The balance (0.84%) is held by GEL’s Indonesian joint venture partner, PT Han Yang Primatama.
The above transaction is not expected to have a material effect on the net tangible assets or earnings per share of the GEH group for the current financial year.
None of the directors or controlling shareholders of GEH has an interest, direct or indirect, in the above transaction, other than through their respective interests (if any) in GEH.
Great Eastern is life insurance group in Singapore and Malaysia. With Sin$53.4 billion in assets and 3.8 million policyholders, it has two successful distribution channels - the tied agency force and bancassurance. 
The company also operates in China, Indonesia, Vietnam and Brunei.  Great Eastern is a subsidiary of OCBC Bank, the second largest financial services group in Southeast Asia by assets. 
It has a network of 530 branches and representative offices in 15 countries and territories, including 411 branches and offices in Indonesia operated by its subsidiary, Bank OCBC NISP.

Disclosure: No position at the stock mentioned above.

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