MALAYSIA’S PACIFICMAS TO BUY KONSORTIUM IN MR83.5M DEAL

Malaysia-based bancassurer PacificMas has offered to buy all of local insurer Konsortium for MR83.5m in cash, or 1.36 times book value. PacificMas, formerly The Pacific Bank, plans to merge the company with its existing subsidiary, The Pacific Insurance. PacificMas has agreed to buy 45.4m ordinary shares and 4.6m preference shares in Konsortium from locally based operations PNSL and Achico and from Mr Wong Tok Chai. PNSL currently holds 96.35% of Konsortium. PacificMas said that it had submitted the draft of the share sale agreement to the central bank and the agreement would be signed upon its approval. It added that the planned acquisition was in line with the company's intention of making insurance its core business following the sale of its banking business to Malayan Banking last year.