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Reference No: TP-040817-61419 |
| Company
Name |
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PACIFICMAS BERHAD |
| Stock
Name |
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PACMAS |
| Date
Announced |
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17-08-2004 |
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| Type |
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Announcement |
| Subject |
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PACIFICMAS BERHAD ("PacificMas") |
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- PROPOSED ACQUISITION OF 27,100,000 ORDINARY SHARES OF RM1.00 EACH ("SHARES") REPRESENTING 51.13% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF MALAYSIA & NIPPON INSURANS BERHAD ("MNIB") FROM KOPERASI ANGKATAN TENTERA MALAYSIA BERHAD FOR A PURCHASE CONSIDERATION TO BE SATISFIED BY CASH ("PROPOSED ACQUISITION") |
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- PROPOSED ACQUISITION OF THE REMAINING 25,900,000 SHARES OF REPRESENTING 48.87% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF MNIB NOT ALREADY HELD BY PACIFICMAS UPON COMPLETION OF THE PROPOSED ACQUISITION VIA A MANDATORY OFFER |
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(COLLECTIVELY REFERRED TO AS THE "PROPOSALS") |
| Contents |
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| We refer to the announcements on 5 May 2004 and 11 May 2004 in relation to the Proposals, PacificMas is pleased to announce that the Company has received a letter dated 17 August 2004 from Bank Negara Malaysia ("BNM"), wherein BNM informed that it has no objection to the following: |
| (i) |
scheme of transfer of insurance business of MNIB to The Pacific Insurance Berhad under section 128(1) of the Insurance Act, 1996 ("Act"); |
| (ii) |
publication of notice of intention by MNIB to apply to the High Court of Malaya for confirmation of the scheme of transfer of its insurance business in the News Straits Times and Berita Harian under section 131(1) of the Act; and |
| (iii) |
an exemption to MNIB from having to send a copy of the notice relating to the scheme of transfer of insurance business and a summary of the scheme to each of its policy owners under section 131(2) of the Act. However, this exemption is granted on the condition that a copy of the scheme of transfer is placed at each of MNIB's branches for a period of 30 days for inspection by its policy owners and the general public. |
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| This announcement is dated 17 August 2004. |
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