Great Eastern Holdings’ (GEH) Malaysian subsidiaries have called off a proposed acquisition of AmMetLife Insurance Berhad and AmMetLife Takaful Berhad after more than a year.
In a Feb 3 bourse filing, GEH says its Malaysian subsidiaries Great Eastern Life Assurance (Malaysia) Berhad (GELM) and Great Eastern Takaful Berhad (GETB) have terminated an implementation agreement with AMAB Holdings Sdn Bhd and MetLife International Holdings on the proposed acquisition, which was first announced on Oct 2, 2023.
“Parties to the implementation agreement have mutually agreed not to pursue the proposed acquisition,” reads GEH’s announcement, without providing further details.
The proposed acquisition would have seen GELM acquire 100% of the shares in AmMetLife Insurance Berhad, while GETB would have acquired 100% of the shares in AmMetLife Takaful Berhad.
Trading of GEH shares has been suspended since July 15, 2024.
GEH, founded in 1908, is one of the largest insurers in Singapore and Malaysia. It became a subsidiary of Oversea-Chinese Banking Corporation (OCBC) in 2004.
See also: From 2023: Great Eastern Holdings' proposed acquisition to boost market position in Malaysia
OCBC made a $1.4 billion privatisation bid for GEH in May 2024 and brought its ownership close to 94% at the end of its takeover offer in July 2024. However, this was insufficient to delist GEH from the Singapore Exchange .
OCBC group CEO Helen Wong reportedly met some holdouts in January — longtime GEH shareholders who have a combined 3% stake.
Last month, London-based activist investor Palliser Capital called the deal “gravely unfair” for GEH shareholders and told the Financial Times it is looking to disrupt the takeover.
