| The Board of Directors of PacificMas Berhad ("Board") wishes to announce that it has, on 4 January 2008, received a Notice of Conditional Take-Over Offer ("Notice") from CIMB Investment Bank Berhad and OCBC Advisers (Malaysia) Sdn Bhd, acting on behalf of OHSB, to acquire all the voting shares ("Shares") in PacificMas Berhad not already owned by OHSB ("Offer Shares") for a cash consideration of RM4.30 per Offer Share ("Offer"). The ultimate holding company of OHSB is Oversea-Chinese Banking Corporation Limited ("OCBC"). |
| Pursuant to the Malaysian Code on Take-Overs and Mergers 1998, the Board also wishes to announce that: |
| (i) The Board is not seeking any alternative person to make an offer for the Shares; |
| (ii) The Board will appoint an independent adviser to advise the Board and shareholders of PacificMas Berhad on the Offer. The appointment of the independent adviser is subject to the approval of the Securities Commission; and |
| (iii) The Notice, which is attached herewith, will be posted to shareholders of PacificMas Berhad within seven (7) days from the date hereof. A copy of this announcement will also be released to the press. |
| We wish to highlight that Mr. Wong Nang Jang, a director of PacificMas Berhad, is a person connected to OCBC and deemed interested in the Offer. Accordingly, he has abstained and will continue to abstain from deliberating and voting at all relevant Board meetings in relation to the Offer. |
| |
| This announcement is dated 4 January 2008. |
| |
 |
Notice of Conditional
Take-Over.pdf |
| |
