| Pursuant to Paragraph 10.08(1) of the Listing Requirements of Bursa Malaysia Securities Berhad (in relation to any accumulated percentage ratios of related party transactions exceeding 0.25%), we wish to announce the following related party transactions: - |
| Redemption of Unit Trusts |
| On 12 December 2007, Malaysian Trustees Berhad ("MTB"), a related party of PacificMas, has redeemed units of Pacific Cash Fund at published net assets value of RM0.5059 per unit totalling RM1,650,000. Pacific Cash Fund is a money market fund managed by Pacific Mutual Fund Bhd ("Pacific Mutual"). |
| Pacific Mutual is a 85%-owned subsidiary of PacificMas and its principal business activities are establishment and management of unit trust funds. |
| MTB is an associated company of PacificMas and is principally engaged in the business of trustee agent, executor and administrator pursuant to the Trust Companies Act, 1949. |
| None of the directors and substantial shareholders of PacificMas and persons connected to directors and substantial shareholders has any interest in the above transaction save for the following: - |
| i) OCBC, a substantial shareholder of PacificMas, has an indirect interest of 20% in MTB via its wholly-owned subsidiary, OCBC Bank ( Malaysia ) Berhad. |
| ii) United Malacca Berhad ("UMB") is a substantial shareholder of PacificMas, has a direct interest of 20% in MTB. |
| iii) Mr. Wong Nang Jang is a director of PacificMas and OCBC. He has a total interest of 0.02% in OCBC and does not have any interest in PacificMas. |
| iv) Mr. Choi Siew Hong is a director of PacificMas, Pacific Mutual, MTB and UMB. He has a total interest of 0.12% in PacificMas and a total interest of 0.18% in UMB. He does not have any interest in Pacific Mutual and MTB. |
| v) Y. Bhg. Datuk Fong Weng Phak is a director of Pacific Mutual and UMB. He does not have any equity interest in Pacific Mutual and UMB. |
| vi) Mr. Ng Hon Soon is the Chief Executive Officer of PacificMas and a director of MTB. He has an indirect interest of 0.003% in PacificMas. He does not have any interest in MTB. |
| The above transaction is not subject to the approval of the shareholders of PacificMas and the relevant government authorities. |
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| Purchase of Motor Vehicles |
| In January 2007, PacificMas Group had purchased 4 motor vehicles (Volvo S80 models) from Wearnes Automotive Sdn Bhd (then known as Swedish Marque Sdn Bhd ), at a total cash consideration of RM883,767. These motor vehicles are meant for replacement of cars used by the Heads of Company of PacificMas and its subsidiaries, namely, The Pacific Insurance Berhad, Pacific Mutual Fund Bhd and Pac Lease Sdn Bhd. The total purchase consideration was paid in cash via the respective companies' internally generated funds. |
| Wearnes Automotive Sdn Bhd is a subsidiary of WBL Corporation Ltd and its principal activities are distribution of the "Volvo" range of motor vehicles and provision of related services. |
| None of the directors and substantial shareholders of PacificMas and persons connected to directors and substantial shareholders has any interest in the above transaction save for the following: - |
| i) Oversea-Chinese Banking Corporation Limited ("OCBC"), a substantial shareholder of PacificMas, has a total interest of 25.72% in WBL Corporation Ltd. |
| ii) Mr. Wong Nang Jang is a director of PacificMas, OCBC and WBL Corporation Ltd. He has a total interest of 0.02% in OCBC and indirect interest of 0.01% in WBL Corporation Ltd. He does not have any interest in PacificMas. |
| The Directors of PacificMas (excluding the interested Director, Mr. Wong Nang Jang) are of the opinion that the purchase of motor vehicles is in the best interest of PacificMas. |
| The above 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 13 December 2007 . |
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© 2007, Bursa Malaysia Berhad. All Rights Reserved. |
