OCBC PUTS IN CASH OFFER FOR FULL OWNERSHIP OF PACIFICMAS

Singapore-based Oversea Chinese Banking Corp (OCBC) has made a cash offer to buy the 71.85% in Malaysia-based Pacificmas that it does not already own, reports Reuters . OCBC said that the deal aimed to extend OCBC’s financial services presence in Malaysia, which accounted for 19% of the company’s net profit in the first nine months of financial year 2007. OCBC is offering 4.30 ringgit a share, valuing the whole of Pacificmas at 735m ringgit ($224m) — a 15% premium to the company’s capitalisation the day before the offer was made. Pacificmas offers non-life insurance, fund management, leasing and hire purchase services. Pacificmas shares surged this morning on the news, jumping 12% to 4.18 ringgit each in mid-morning trade.