KUALA LUMPUR: Bank Negara Malaysia (BNM) has given Oversea-Chinese Banking Corporation Ltd (OCBC) another six months from Oct 17, for the latter to comply with the approval conditions in the acquisition of PACIFICMAS BHD [].
PacificMas said on Nov 11, Thursday it was informed by OCBC Capital (Malaysia) Sdn Bhd (OCSB), a unit of OCBC, about the six months deadline instead of the 12 months extension requested.
OCSB had on Sept 22, submitted an application to BNM requesting for 12 months until Oct 17, 2011 for OCBC to comply with the approval conditions.
'On Nov 11, OCSB notified the company that BNM had approved a further extension of time of six months from Oct 17, 2010 for OCBC to comply with the approval conditions,' it said.
Last year, OCSB, which is the holding company of PacificMas, said BNM had approved an extension of one year from Oct 18, 2009 to comply with the two approval conditions.
This was with regard to the acquisition of up to 100% of PacificMas pursuant to the take-over offer of PacificMas by OCSB.
Under the conditions, OCBC had to resolve its holdings in The Pacific Insurance Bhd and Overseas Assurance Corporation (Malaysia) Bhd within 18 months from the date completion of the offer.
In the event of a merger between Overseas Assurance Corporation Malaysia and The Pacific Insurance Bhd, OCBC was required to dispose of and limit its shareholding in the merged entity to not more than 51% within 18 months from the date of completion of the offer.
PacificMas said on Nov 11, Thursday it was informed by OCBC Capital (Malaysia) Sdn Bhd (OCSB), a unit of OCBC, about the six months deadline instead of the 12 months extension requested.
OCSB had on Sept 22, submitted an application to BNM requesting for 12 months until Oct 17, 2011 for OCBC to comply with the approval conditions.
'On Nov 11, OCSB notified the company that BNM had approved a further extension of time of six months from Oct 17, 2010 for OCBC to comply with the approval conditions,' it said.
Last year, OCSB, which is the holding company of PacificMas, said BNM had approved an extension of one year from Oct 18, 2009 to comply with the two approval conditions.
This was with regard to the acquisition of up to 100% of PacificMas pursuant to the take-over offer of PacificMas by OCSB.
Under the conditions, OCBC had to resolve its holdings in The Pacific Insurance Bhd and Overseas Assurance Corporation (Malaysia) Bhd within 18 months from the date completion of the offer.
In the event of a merger between Overseas Assurance Corporation Malaysia and The Pacific Insurance Bhd, OCBC was required to dispose of and limit its shareholding in the merged entity to not more than 51% within 18 months from the date of completion of the offer.
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