Monday, October 17, 2011

Windfall for PacificMas shareholders from OCBC Cap purchase

KUALA LUMPUR:'' OCBC Capital (Malaysia) Sdn Bhd (OCSB) has made offer to acquire all of PACIFICMAS BHD []'s stakes in five companies for RM450 million of which RM164.23 million be in cash and RM285.76 million due and owing by OCSB to PacificMas.

It said on Monday, Oct 17 that after the completion of the corporate exercise, PacificMas' assets would comprise mainly cash, available-for-sale/trading securities and the deferred amount.

'Thereafter, PacificMas will promptly distribute its remaining cash via the declaration of special dividend(s) and/or the implementation of a capital repayment exercise in accordance with Section 64 of the Companies Act, 1965, to all the entitled shareholders of PacificMas,' it said.

PacificMas said OCSB had offered to acquire the entire 100% of Pac Lease Bhd, PB Pacific Sdn Bhd, PacificMas Fidelity Sdn Bhd and PacificMas Capital Sdn Bhd and also 85% of Pacific Mutual Fund Bhd.

'The objective of the liquidation and sale of assets is to realise the value of all remaining assets and PacificMas will use its best endeavours to distribute expeditiously the remaining cash and realizable value to all the entitled shareholders,' it said.

OCSB would authorise PacificMas to apply the cash entitlement of OCSB under the proposed distributions to set-off against the deferred amount and distribute the balance, if any, to OCSB in cash.

This offer shall remain open for acceptance up to 5.30pm on Nov 4, 2011.

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