PacificMas Berhad wishes to announce that it has received Bank
Negara Malaysia's approval letter dated 21 February 2003 for
PacificMas Berhad ("PacificMas"): |
| |
|
| (i) |
to begin negotiations with
Koperasi Angkatan Tentera Malaysia Berhad ("KAT")
for the purpose of merging the insurance business of The Pacific
Insurance Berhad ("PIB"), a wholly-owned subsidiary
of PacificMas, and Malaysia & Nippon Insurans Berhad ("MNIB"); |
| (ii) |
to begin negotiations with
GEL Capital (Malaysia) Berhad ("GCMB") for the restructuring
of the equity and insurance business operations as follows: |
| |
(a) |
The transfer of the equity of Great
Eastern Life Assurance (Malaysia) Berhad ("GELM")
and Overseas Assurance Corporation (Malaysia) Berhad ("OACM"),
both wholly-owned by Great Eastern Holdings Limited ("GEH")
to PacificMas and subsequently with GEH holding 51% interest
in PacificMas; and |
| |
(b) |
Merger of the general insurance companies
under GEH Group, PacificMas and KAT, namely OACM, PIB and MNIB. |
| Oversea-Chinese Banking
Corporation Limited ("OCBC") is a substantial shareholder
of GEH. |
| OCBC is a substantial shareholder
of PacificMas holding a total interest of 28.15%. |
| Malaysia & Nippon Insurans
Berhad is a wholly-owned subsidiary of KAT and KAT is a substantial
shareholder of PacificMas, owning 16.44% of the paid-up share
capital of PacificMas. |
| Further announcements will
be made as and when there are material developments in the negotiations. |
| |
| This announcement is dated 21
February 2003. |
| |
