| PacificMas wishes to inform Bursa Malaysia Securities Berhad that the Company received a letter from Bank Negara Malaysia dated 3 November 2008 stating that it has no objection in principle for the Company to commence preliminary negotiations with the following parties to dispose of all the issued and paid-up share capital of its wholly-owned subsidiary, The Pacific Insurance Berhad ("Proposed Disposal"):- |
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a) |
Aureos Capital Limited; |
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b) |
ACE Group of Companies including ACE Synergy Insurance Berhad; |
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c) |
EON Bank Berhad; and |
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d) |
Usaha Tegas Sdn Bhd. |
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| It is the intention of PacificMas to enter into concurrent negotiations with the above parties through a formal bidding process. |
| PacificMas and any of the above parties would be required to obtain the prior approval of the Minister of Finance, with the recommendation of Bank Negara Malaysia, pursuant to the Insurance Act 1996, before entering into any agreement to effect the Proposed Disposal. |
| Further details will be announced in due course. |
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| This announcement is dated 4 November 2008. |
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