Malaysia's Pacific & Orient gets OK for RM 150 million note program

By Marisa Wong

Madison, Wis., June 19 - Pacific & Orient Bhd. announced that its wholly owned subsidiary, Pacific & Orient Insurance Co. Bhd., received approval from the Securities Commission Malaysia for an up to RM 150 million subordinated notes program.

The subordinated note program has a tenor of 12 years. Each series of notes issued under the program will have a maturity of 10 years and be non-callable for five years.

Proceeds will be used for intercompany loan repayment, general working capital and business operations purposes.

The program was previously approved by Bank Negara Malaysia in December.

Based in Kuala Lumpur, Pacific & Orient specializes in automotive insurance.

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