OCBC: 64%-owned Msian subsi, PacificMas, to sell entire insurance arm Pacific Insurance Berhad (PIB) to Fairfax Asia , after Msia's central bank said that OCBC could not own two insurance arms in Msia…
Consideration for sale was RM201m (S$83.1m) plus incremental net tangible assets from Dec 31, 2008, to the mth-end preceding the day when approval by PacificMas shareholders is met. Based on 30 Oct 10 results, current indicative consideration is RM219.1m. Was transacted at P/B value of 1.59x higher than avg P/B of past Msia transactions at 1.46x.
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