Tuesday, October 18, 2011

PacificMas jumps on windfall for shareholders

KUALA LUMPUR: PACIFICMAS BHD [] shares jumped in early trade on Tuesday, Oct 18 after OCBC Capital (Malaysia) Sdn Bhd (OCSB) made an offer to acquire all of PacificMas's stakes in five companies for RM450 million of which RM164.23 million would be in cash and RM285.76 million due and owing by OCSB to PacificMas.

At 9.10am, PacificMas rose 36 sen to RM3.43 with 52,800 shares traded.

After the completion of the corporate exercise, PacificMas' assets would comprise mainly cash, available-for-sale/trading securities and the deferred amount.

PacificMas will promptly distribute its remaining cash via the declaration of special dividend(s) and/or the implementation of a capital repayment exercise.

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