PacificMas board accepts RM450m offer from OCBC Capital

[hlk]

KUALA LUMPUR (Nov 4): PACIFICMAS BHD []’s board of directors has accepted the offer from OCBC Capital (Malaysia) Sdn Bhd to acquire its units and subsidiaries for RM450 million.

It said on Friday the board except for the interested directors -- Datuk Ahmad Zahudi Salleh, George Lee Lap Wah, Jeffrey Chew Sun Teong and Wong Ah Wah and Tan Sri Nasruddin Bahari -- had resolved to accept the offer.

“Accordingly, the board (save for the interested directors and Nasruddin) does not intend to seek other alternative bids,” it said.

To recap, OCBC Capital had on Oct 17 proposed to acquire 100% of Pac Lease Bhd, PB Pacific Sdn Bhd, PacificMas Fidelity Sdn Bhd and PacificMas Capital Sdn Bhd and 85% in Pacific Mutual Fund Bhd.

The purchase consideration would be RM450 million to be satisfied by the payment of RM164.23 million cash on completion and RM285.76 million as the mount due and owing by OCSB to PacificMas payable at a later date.

OCBC Capital confirmed it has sufficient financial resources for the cash portion.

OCBC Capital is a unit of Singapore-listed Oversea-Chinese Banking Corporation Ltd.