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Reference No: PP-090424-49954 |
| Company
Name |
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PACIFICMAS BERHAD |
| Stock
Name |
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PACMAS |
| Date
Announced |
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24-04-2009 |
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| Type |
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Announcement |
| Subject |
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PACIFICMAS BERHAD ("PacificMas" or "the Company")
- PURCHASE OF UNIT TRUSTS, APPOINTMENT OF FINANCIAL ADVISER AND PURCHASE OF A MOTOR VEHICLE |
| Contents |
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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. Purchase of Unit Trusts
Malaysian Trustees Berhad ("MTB"), a related party of PacificMas, has purchased units in Pacific Cash Fund, a unit trust fund managed by Pacific Mutual Fund Bhd (“Pacific Mutual”). The details of the purchases 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 and asset management business.
MTB is an associated company of PacificMas and is principally engaged in the business of trustee agent, executor and administrator pursuant to the Trust Companies Act, 1949.
None of the directors and substantial shareholders of PacificMas and persons connected to such directors and substantial shareholders has any interest in the abovesaid transactions 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 has an indirect interest of 20% in MTB via its wholly-owned subsidiary, OCBC Bank ( Malaysia ) Berhad.
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.
iv) Mr. Daniel Chan Choong Seng is also a director of Pacific Mutual and does not have any equity interest in Pacific Mutual.
v) Mr. Ng Hon Soon is the Chief Executive Officer of PacificMas and a director of MTB. He does not have any interest in PacificMas and MTB.
The aforesaid transactions are not subject to the approval of the shareholders of PacificMas and the relevant government authorities.
2. Appointment of Financial Adviser
The appointment of OCBC Advisers (Malaysia) Sdn Bhd as the Financial Adviser for the proposed disposal of The Pacific Insurance Berhad, a wholly owned subsidiary of PacificMas had been announced to Bursa Securities on 9 January 2009 together with redemption of unit trusts by related parties (i.e. persons connected to OCBC). Please refer to our announcement dated 9 January 2009.
3. Purchase of a Motor Vehicle
On 13 March 2009, Pac Lease Sdn Bhd (“Pac Lease”), a wholly-owned subsidiary of PacificMas, purchased a new motor vehicle, Volvo S60 2.0T from Wearnes Automotive Sdn Bhd (“Wearnes Automotive”) at a cash consideration of RM189,990.00. This motor vehicle is for the use of the newly appointed Chief Executive Officer of Pac Lease.
The principal business activities of Pac Lease are leasing, hire purchase and other related financial services.
Wearnes Automotive is a subsidiary of WBL Corporation Ltd and its principal activities are distribution of the “Volvo” range of motor vehicles and provision of related services.
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, the ultimate holding company and a substantial shareholder of PacificMas, has a total interest of 25.67% in WBL Corporation Ltd.
ii) 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.
iii) Mr. Jeffrey Chew Sun Teong and Mr. Wong Ah Wah are also directors of Pac Lease and they do not have any equity interest in Pac Lease.
The Directors of PacificMas (excluding the interested Directors namely, Mr. George Lee Lap Wah, Mr. Daniel Chan Choong Seng, Mr. Jeffrey Chew Sun Teong and Mr. Wong Ah Wah) are of the opinion that the aforesaid purchase of motor vehicle is in the best interest of PacificMas.
The aforesaid transaction is not subject to the approval of the shareholders of PacificMas and the relevant government authorities.
This announcement is dated 24 April 2009. |
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| Table A |
Date of Purchase |
Purchase Value (RM) |
Price per unit (RM)
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| 12 June 2009 |
1,000,000 |
0.5053 |
| 17 July 2009 |
500,000 |
0.5027 |
| 23 April 2009 |
1,300,000 |
0.5041 |
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