OCBC’s Bank of Singapore to acquire Pacific Mutual Fund for around 36 million ringgit

OCBC building in Signapore’s central business districtOCBC building in Signapore’s central business district. Photo taken pre-Covid.

Bank of Singapore entered a deal to acquire 70 percent of Pacific Mutual Fund from Lion Global Investors and the remaining 30 percent from Koperasi Angkatan Tentera Malaysia for a total 35.6 million ringgit (S$11.67 million or US$8.56 million) in cash, OCBC said in a filing to SGX Tuesday.

Both Bank of Singapore and Lion Global Investors are subsidiaries of OCBC, the filing said.

PMF’s audited net tangible asset value was around 21.6 million ringgit as of end-2018, OCBC said.

The deal is subject to approvals from the Monetary Authority of Singapore and the Securities Commission Malaysia, the filing said.

Great Eastern Holdings holds 70 percent of Lion Global Investors, with the remainder held by a wholly owned subsidiary of OCBC Bank, it said in a separate filing to SGX; OCBC Bank is the controlling shareholder of Great Eastern.

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