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We wish to inform the Kuala Lumpur Stock Exchange (“KLSE”) that PacificMas Asset Management Sdn Bhd (“PAM”) has on 6 September 2002, received the approval of the Securities Commission for a fund manager’s licence (“Approval”) via its letter dated 30 August 2002.
PAM is currently a wholly-owned subsidiary of PacificMas Berhad (“PacificMas”) with a paid-up share capital of RM2-00.
PacificMas and Wiramaju Sdn Bhd (“Wiramaju”) intend to use PAM as the vehicle to carry out asset management business. The proposed shareholdings structure of PAM will be as follows: -
 | Number of shares | % of shareholding |
| PacificMas | 1,800,000 | 90 |
| Wiramaju | 200,000 | 10 |
Wiramaju is a wholly-owned subsidiary of Koperasi Angkatan Tentera Malaysia Berhad. Koperasi Angkatan Tentera Malaysia Berhad is a substantial shareholder of PacificMas.
The Approval is subject to the following conditions: -
(i) PAM is required to increase its paid-up share capital to at least RM2,000,000-00 as proposed by PAM i.e. PacificMas Berhad (90%) and Wiramaju Sdn Bhd (10%);
(ii) PAM is requested to deposit an amount of RM150,000-00 with the Securities Commission pursuant to Section 23 of the Securities Industry Act 1983 and Securities Industry (Deposit) Regulations 1997;
(iii) PAM is required to enhance the following policies and procedures in its operation manual: -
§ A more detailed scope of authority and management structure of PAM;
§ Procedure in executing management agreement with clients;
§ Procedure to separate the clients' accounts and PAM's accounts;
§ Procedure with regard to investments in equities and fixed income securities;
§ Procedure with regard to purchase and sale of securities including policy
prohibiting short selling;
§ Procedure to ensure sufficient liquid assets in accordance to the Securities
Industry Act 1983;
§ Policy with regard to the frequency of reporting by management to the board
of directors.
(iv) PAM does not have any adverse report arising from the security vetting conducted on PAM, its directors and company secretaries.
PAM is required to fulfil the abovementioned conditions (i) to (iii) within 2 months from the date of the Securities Commission’s letter i.e. 30 August 2002.
PacificMas and Wiramaju will enter into a Shareholders’ Agreement in respect of PacificMas Asset Management Sdn Bhd, details of which will be announced to the KLSE after the signing of the Shareholders’ Agreement.
This announcement is dated 6 September 2002.