| Pursuant to Paragraph 10.08(1) of the Listing Requirements of Bursa Malaysia Securities Berhad, we wish to inform that on 3 September 2008, Spring Hill Bioventures Sdn Bhd, a related party of PacificMas has redeemed unit trusts in Pacific Cash Fund, a unit trust fund managed by Pacific Mutual. The details of the redemption are as per Table A below. |
| 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 a total 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 total 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 ("GELA Singapore") 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"). |
| |
ii) |
OCBC Capital ( Malaysia ) Sdn Bhd ("OCSB") is the holding company of PacificMas with 67.07% interest. The holding company of OCSB is Federal Securities Private Limited ("Federal Securities") and the ultimate holding company of OCSB is OCBC. OCSB and Federal Securities are wholly-owned subsidiaries of OCBC. |
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iii) |
Mr. Wong Nang Jang is a former director of PacificMas (resigned on 26 June 2008) and a director of OCBC. He has a total interest of 0.02% in OCBC and does not have any equity interest in PacificMas. |
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iv) |
Y. Bhg. Datuk Fong Weng Phak is a former director of Pacific Mutual (resigned on 24 June 2008) and a director of GELA. He has a direct interest of 0.002% in OCBC and does not have any equity interest in Pacific Mutual, PacificMas and GELA. |
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v) |
Mr. George Lee Lap Wah, Mr. Daniel Chan Choong Seng, Mr. Jeffrey Chew Sun Teong and Mr. Wong Ah Wah are nominee directors of OCBC on the Board of Directors of PacificMas. Each of them has a direct interest of less than 0.002% in OCBC and does not have any equity interest in PacificMas. |
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vi) |
Mr. Daniel Chan Choong Seng is also a director of Pacific Mutual and does not have any equity interest in Pacific Mutual. |
|
| The aforesaid transaction is not subject to the approval of the shareholders of PacificMas and any relevant government authorities. |
| |
| Announcement Details : |
Name of Related Party |
Redemption value
(RM) |
Price per unit
(RM) |
| Spring Hill Bioventures Sdn Bhd |
3,000,000 |
0.5048 |
|
| |
| This announcement is dated
5 September
2008. |
