In response to a longstanding MAS diktat that Singapore's banks must dispose of their non-core holdings, OCBC is to sell its 38.4% stake in listed retailer, Robinson Co. The stake is held jointly with its insurance affiliate, Great Eastern and represents the controlling stake in the retailer which was established in 1858.
Meanwhile the board of Robinson Co have appointed ING to advise on the sale of the whole company, a move which may see the company delisted. Among those who look to be interested in buying the premier Singapore retailer are Japanese firms, Seibu, Isetan and Sogo as well as venture capitalists.
The company owns the upmarket Robinson department stores...
