Friday, August 17, 2012
OCBC: Has entered into two conditional sale and purchase agreements for the sale of 3.5m ordinary shares (70% stake) in Pacific Mutual Fund Bhd (PMFB) to Lion Global Investors for RM33m. Co will also sell 750k ordinary shares (15% stake) in PMFB to a Msian co. This will help PMFB meet the 30% local shareholding req for a Msia unit trust mgmt co and enhance operational efficiency through consolidation in LionGlobal. Co has sold its stake at acquisition cost. No material impact expected.