
Apr
27
Great Eastern of Singapore Aims to Acquire Pacific Insurance of Malaysia
Posted on Apr 27, 2010 by Sergio Ulloa (G+)
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. Companies mentioned: Great Eastern Holdings
