Stocks to watch: OCBC, Kim Heng

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Jun 10).

OCBC: Independent directors of Great Eastern Holdings (GEH) are recommending that shareholders to accept OCBC’s conditional exit offer that will ultimately lead to the delisting of the insurer. This is based on advice from EY, the independent financial adviser (IFA) involved in the deal, GEH said after the market closed on Monday. The insurer noted the IFA is of the opinion that the financial terms of the exit offer are “on balance, fair and reasonable”. Shareholders will be voting at an extraordinary general meeting on Jul 8. Shares of OCBC closed 0.6 per cent or S$0.09 higher at S$16.37 on Monday.

Kim Heng: The offshore marine services contractor Kim Heng has inked an agreement with the newly set-up Singapore Energy Interconnections (SGEI), to cooperate in submarine power projects, the Catalist-listed company said on Monday. The partnership covers the purposes of operating, repairing and maintaining submarine power cable systems within the Asean region, Kim Heng said. Shares of Kim Heng closed flat at S$0.075 on Monday.