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Brief insurance news and digest for the busy executives. A handy insurance news archive with main focus on Malaysia. Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we will not be liable for any loss arising from the use of any information contained in this blog. You may reproduce materials published here provided the source (news.actuaries.com.my) is properly acknowledged.

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Friday, 21 March 2008

MoF Approves PacificMas Acquisition

Ministry of Finance (MoF) has given approval to OCSB to acquire up to 100% of PacificMas subject to the conditions:

OCBC to resolve its holdings of 2 general insurance licenses, viz. Pacific Insurance and OAC within 18 months.
In the event of a merger of Pacific Insurance and OAC, to reduce its holding to not more than 51% of the merged entity, within 18 months.

[LATEST NEWS] The OCSB's offer has become unconditional following acceptance of offer resulting in OCSB's holdings exceeding 50% on 25 March 2008.

http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/all/48256E5D00102DF44825741300341644/$File/press%20release%20MOF%20approval%20210308[1].pdf

Labels: Merger, OAC, Pacific Insurance

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: Name: Teh Loo Hai; Location: Kuala Lumpur, Malaysia

Loo Hai is an actuarial recruiter cum actuarial consultant. He has over 20 years of work experience gained in Malaysia and Australia in the actuarial, insurance, takaful and pension fields.

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