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OCBC Capital (Malaysia) Sdn Bhd has made an offer to acquire all of PacificMas Bhd’s stakes in its five subsidiaries for RM450mil.

In a filing with Bursa Malaysia yesterday, PacificMas said OCBC Capital Malaysia planned to acquire 100% of Pac Lease Bhd, PB Pacific Sdn Bhd, PacificMas Fidelity Sdn Bhd and PacificMas Capital Sdn Bhd as well as an 85% stake in Pacific Mutual Fund Bhd.

In the offer letter, OCBC Capital Malaysia said the aggregate purchase consideration for the proposed acquisition should be RM450mil, of which RM164.23mil in cash would be paid on completion date and RM285.76mil as an amount due and owing by OCBC Capital Malaysia to PacificMas payable not later than 12 months from the date of the acquisition agreement.

It said upon the completion of the corporate exercise, PacificMas’ assets would comprise mainly cash, available-for-sale/trading securities and the deferred amount.

PacificMas will immediately take steps to liquidate/sell as far as possible all of its remaining residual assets and settle all the outstanding debts or liabilities, including settling expenses relating to the proposed acquisitions and proposed distributions.

“Thereafter, PacificMas will promptly distribute its remaining cash via the declaration of special dividend(s) and/or the implementation of a capital repayment exercise in accordance with Section 64 of the Companies Act, 1965, to all the entitled shareholders of PacificMas,” it said.

“The objective of the liquidation and sale of assets is to realise the value of all remaining assets and PacificMas will use its best endeavours to distribute expeditiously the remaining cash and realizable value to all the entitled shareholders,” it said.

CSB would authorise PacificMas to apply the cash entitlement of OCBC Capital Malaysia under the proposed distributions to set off against the deferred amount and distribute the balance, if any, to OCBC Capital Malaysia in cash.

This offer shall remain open for acceptance up to 5.30pm on Nov 4, 2011.

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(1) PacificMas Bhd said it has received an offer from OCBC Capital (Malaysia) Sdn Bhd to acquire PacificMas’s entire equity interest in five subsidiaries for a total consideration of RM450 million. OCSB will pay RM164.2 million in cash, PacificMas said in a statement to the stock exchange today.

(2) Leader Universal Holdings Bhd, a Malaysian cable and wire maker, received a buyout offer valued at RM480.1 million from HNG Capital Sdn Bhd, according to a statement to the Kuala Lumpur stock exchange. HNG offered the equivalent of RM1.10 a share for the entire business of Leader, the company said. The money raised from the sale would be distributed to Leader’s shareholders, according to the proposed offer, it said.

(3) Hap Seng Consolidated Bhd shares valued at RM154 million changed hands in an off-market transaction, according to Kuala Lumpur stock exchange data. Some 100 million shares, amounting to a 4.6 percent stake, traded at RM1.54 apiece, the data showed. The stock closed at RM1.60, up 8.1 percent, the most since May 6, 2009.

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Global Finance magazine has named the heads of the Central Banks of six countries as the World’s Best Central Bankers over the past year.

The “Central Banker Report Card” feature, published annually by Global Finance since 1994, grades Central Bank Governors of 36 key countries (and the ECB) on an “A” to “F” scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management. (“A” represents an excellent performance down through “F” for outright failure.)

Subjective criteria also apply. Global Finance Publisher Joseph Giarraputo says: “During one of the toughest years on record, the World’s Central Bankers were tested as never before. Every year, we assess the determination of Central Bankers to stand up to political interference, and their efforts at influencing their governments on such issues as spending and economic openness to foreign investment and financial services. “

Those scoring in the “A” category in the report published in the October issue of Global Finance are:

CENTRAL BANKER REPORT CARDS 2011

*A governor for the designated country was rated; however, there was a different governor in 2010.

**A governor for the designated country was not rated in previous years; this is the first annual rating.

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