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| We wish to inform the Bursa Malaysia Securities Berhad that on 21 May 2007, the following related party of PacificMas, has invested in Pacific Cash Fund, a unit trust fund managed by Pacific Mutual :- |
| Name of Investor |
Purchase value (RM) |
Price per unit (RM) |
| Spring Hill Bioventures Sdn Bhd |
15,000,000 |
0.5126 |
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| Pacific Mutual is a 85% owned subsidiary of PacificMas Berhad and its principal business activities are establishment and management of unit trust funds. |
| Spring Hill Bioventures Sdn Bhd is principally engaged in the promotion of and investment in biotechnology companies in and outside of Malaysia. |
| PacificMas Berhad has an indirect interest of 16.67% in Spring Hill Bioventures Sdn Bhd via its two wholly-owned subsidiaries, namely PacificMas Fidelity Sdn Bhd and PacificMas Capital Sdn Bhd. Great Eastern Life Assurance (Malaysia) Berhad ("GELA") has a direct interest of 33.33% in Spring Hill Bioventures Sdn Bhd. |
| None of the directors and substantial shareholders of PacificMas and persons connected to such directors and substantial shareholders has any interest in the abovesaid transaction save for the following :- |
| i) GELA is a wholly-owned subsidiary of The Great Eastern Life Assurance Company Limited which in turn is a wholly-owned subsidiary of Great Eastern Holdings Limited. Great Eastern Holdings Limited is a subsidiary of Oversea-Chinese Banking Corporation Limited ("OCBC"). OCBC is a substantial shareholder of PacificMas holding a total interest of 28.15%. |
| ii) Mr. Wong Nang Jang is a director of PacificMas and OCBC. He has a total interest of 0.01% in OCBC and does not have any equity interest in PacificMas. |
| iii) Y. Bhg. Datuk Fong Weng Phak is a director of Pacific Mutual and GELA. He does not have any equity interest in Pacific Mutual and GELA. |
| The aforesaid transaction is not subject to the approval of the shareholders of PacificMas and the relevant government authorities. |
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| This announcement is dated 22 May 2007. |
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