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PacificMas picks Fairfax as buyer of insurance arm

PETALING JAYA: PacificMas Bhd has chosen Canada-based Fairfax Asia Ltd as the buyer for its entire stake in wholly-owned unit The Pacific Insurance Bhd, subject to Bank Negara approval.

It told Bursa Malaysia yesterday that it had informed the other potential buyer, Great Eastern Group, of its intention to discontinue negotiation with the latter.

PacificMas said in May it hoped to conclude the sale of its insurance arm by October, the deadline set by Bank Negara on parent Oversea-Chinese Banking Corp Ltd (OCBC) to divest or merge Pacific Insurance.

In April 2008, Singapore’s OCBC announced the takeover of PacificMas, but on condition that it could not own two insurance companies in Malaysia. As OCBC already owned 87% of Great Eastern in Malaysia, it decided to sell the insurance business of PacificMas, and keep Great Eastern’s general insurance licence held under Overseas Assurance Corp bhd.

This article was published in the StarBiz on 28th August 2010.

 

 
ACCOLADES & AWARDS

The Chambers Asia Pacific 2018 Rankings

Skrine has been ranked as Leading Firm for Dispute Resolution, Intellectual Property and Projects, Infrastructure & Energy.

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The Legal 500 Asia Pacific 2018 Rankings

Skrine is pleased to announce that the Firm has achieved seven Tier 1 practice area rankings in The Legal 500 Asia Pacific 2018.

Our Tier 1 rankings are in the following areas: 
  • Banking and Finance
  • Corporate and M&A
  • Dispute Resolution
  • Intellectual Property
  • Technology, Media & Telecommunications
  • Real Estate and Construction
  • Labour and Employement

Skrine was also listed as one of the leading firms in the areas of Projects & Energy, and Shipping. 

Four Skrine partners were ranked as leading lawyers in their respective areas. 

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Skrine Retains Who’s Who Legal Accolade for Malaysia

On 15th May 2017, the Who’s Who Global Awards was held in London, United Kingdom and Skrine was conferred the Award:

Malaysia Law Firm of the Year 2017

Skrine previously received this Award in 2013, 2014, 2015 and 2016.

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