General Announcement
Reference No: PP-090528-FE31B
Company
Name
:
PACIFICMAS BERHAD
Stock
Name
:
PACMAS
Date
Announced
:
28-05-2009
Type
:
Announcement
Subject
:
PACIFICMAS BERHAD ("PacificMas" or "the Company") - REDEMPTION OF UNIT TRUSTS AND PURCHASE OF A MOTOR VEHICLE
Contents
:
Pursuant to Paragraph 10.08(1) of the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) (in relation to any accumulated percentage ratios of related party transactions exceeding 0.25%), we wish to announce the following related party transactions :-
1. Redemption of Unit Trusts
On 26 May 2009, Great Eastern Life Assurance (Malaysia) Berhad ("GELA"), a related party of PacificMas, has redeemed units of Pacific Pearl Fund, a unit trust fund managed by Pacific Mutual Fund Bhd (“Pacific Mutual”), details 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 and asset management business.
GELA is principally engaged in the underwriting of life insurance business.
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)
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 Oversea-Chinese Banking Corporation Limited (“OCBC”). OCSB and Federal Securities are wholly-owned subsidiaries of OCBC.
ii)
OCBC is the ultimate holding company and a substantial shareholder of PacificMas and GELA.
iii)
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 PacificMas. Each of them has a direct interest of less than 0.002% in OCBC and does not have any equity interest in PacificMas nor GELA.
iv)
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 the relevant government authorities.
2. Purchase of a Motor Vehicle
The purchase of a new motor vehicle, Volvo S60 2.0T from Wearnes Automotive Sdn Bhd (a person connected with OCBC), by Pac Lease Sdn Bhd, a wholly-owned subsidiary of PacificMas, had been announced to Bursa Securities on 24 April 2009 together with purchase of unit trusts by persons connected with OCBC and appointment of OCBC Advisers (Malaysia) Sdn Bhd as financial adviser. Please refer to our announcement dated 24 April 2009.
