KUALA LUPUR: PACIFICMAS BHD [] has sought the authorities' approval to enter into a definitive shares sale agreement with Fairfax Asia Ltd to dispose of its stake in The Pacific Insurance Bhd.
PacificMas said on Friday, Sept 2 that it had submitted an application to Bank Negara Malaysia for the approval of the Minister of Finance, under Section 67 of the Insurance Act 1996.
This was the latest development in PacificMas' plan to dispose of its insurance unit.
It had on Aug 27, informed Great Eastern Group of its intention to discontinue negotiation with Great Eastern on the proposed disposal of the insurance unit.
PacificMas said on Friday, Sept 2 that it had submitted an application to Bank Negara Malaysia for the approval of the Minister of Finance, under Section 67 of the Insurance Act 1996.
This was the latest development in PacificMas' plan to dispose of its insurance unit.
It had on Aug 27, informed Great Eastern Group of its intention to discontinue negotiation with Great Eastern on the proposed disposal of the insurance unit.
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