Posted on Apr 27, 2010 by Sergio Ulloa
The Central Bank of Malaysia, Bank Negara Malaysia has given the go ahead for Great Eastern Holdings (GEH) of Singapore to start negotiations with investment holdings parent PacificMas Berhad (PMB) to acquire Pacific Insurance Berhad of Malaysia. The transaction involves the acquisition of all the issued and paid-up share capital at an undisclosed price and subject to the terms and conditions to be resolved during the negotiation.
Once the acquisition negotiations between GEH and PMB are concluded, the deal is required to obtain approval from the Ministry of Finance, with the supporting recommendation of Bank Negara Malaysia.
The ultimate holding company of both PacificMas Berhad and Great Eastern Group is the Oversea-Chinese Banking Corporation Limited (OCBC) of Singapore.
Back in November 1999, Great Eastern Life underwent restructuring and was acquired by Great Eastern Holding. GEH in its capacity as the wholly owned parent in turn merged with the Overseas Assurance Corporation in December 2000.
Further announcements will be made by Great Eastern Holdings at a later date.
Great Eastern Holdings
Great Eastern Holdings (GEH) is the largest insurance group in Singapore and Malaysia, with more than US$29 billion in assets and 2.6 million policyholders. GEH received the Singapore Brand Award consecutively from 2002 to 2005. Lion Capital Management, a subsidiary of GEH, is one of the largest asset management companies in Southeast Asia, with assets under management exceeding US$22 billion. Great Eastern is a subsidiary of OCBC Bank, Singapore's longest established local bank, with a network of 313 branches and representative offices in 15 countries and territories.
Incorporated in May 1963 and with headquarters in Kuala Lumpur, PacificMas Berhad is principally engaged in investment holdings and the provision of management services to companies within the group. Its subsidiaries participate in general insurance business, unit trust funds and asset management, leasing, hire-purchase and other related financial services, property investment and management. PacificMas Berhad became a member of OCBC Group following the completion of the takeover of PacificMas Berhad by OCBC Capital (Malaysia) Berhad, a wholly owned subsidiary of OCBC, in April 2008.