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Reference No: PP-080710-53646 |
| Company
Name |
: |
PACIFICMAS BERHAD |
| Stock
Name |
: |
PACMAS |
| Date
Announced |
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25/07/2008 |
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| Type |
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Announcement |
| Subject |
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PACIFICMAS BERHAD ("PacificMas" or "the Company") -
PROPOSED DISPOSAL OF INSURANCE BUSINESS |
| Contents |
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| PacificMas wishes to inform the Bursa Malaysia Securities Berhad that on 25 July 2008, the Company has received a letter from Bank Negara Malaysia dated 25 July 2008 stating that it has no objection in principle for the Company to commence preliminary negotiations with OSK Holdings Berhad to dispose of all the issued and paid-up share capital of its wholly-owned subsidiary, The Pacific Insurance Berhad. |
| PacificMas and OSK Holdings Berhad 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 above disposal. |
| Further details will be announced in due course. |
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| This announcement is dated 25 July 2008. |
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