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NewsBNM approves P&O plan for talks with Sanlam (6009)
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BNM approves P&O plan for talks with Sanlam (6009)
by hlk Wed 12 Sep 2012, 23:05
KUALA LUMPUR: Bank Negara Malaysia (BNM) has given the go-ahead for Pacific & Orient Bhd to start discussions with Sanlam Ltd over its plan to dispose of a 49% stake its insurer.
P&O
said on Wednesday that BNM had given its consent for it to "commence
preliminary negotiations" with Sanlam on the proposed divestment of an
equity stake in Pacific & Orient Insurance Co. Bhd.
It
said approval had been obtained from Bank Negara to begin preliminary
negotiations for the proposed divestment of the equity interest in
P&O.
It was reported on Sept 8 that P&O was approached by Sanlam to acquire a 49% equity interest in the company.
Sanlam is one of the largest financial services group in South Africa and is listed on the Johannesburg Stock Exchange.
P&O
said on Wednesday that BNM had given its consent for it to "commence
preliminary negotiations" with Sanlam on the proposed divestment of an
equity stake in Pacific & Orient Insurance Co. Bhd.
It
said approval had been obtained from Bank Negara to begin preliminary
negotiations for the proposed divestment of the equity interest in
P&O.
It was reported on Sept 8 that P&O was approached by Sanlam to acquire a 49% equity interest in the company.
Sanlam is one of the largest financial services group in South Africa and is listed on the Johannesburg Stock Exchange.
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