P&O gets BNM nod for talks with Sanlam

KUALA LUMPUR: Pacific and Orient Bhd has received Bank Negara Malaysia's (BNM) approval for the company to commence preliminary talks with Sanlam Ltd on the possible divestment of an equity stake in Pacific & Orient Insurance Co Bhd. Filings to Bursa Malaysia Bhd revealed that consent for both parties to negotiate was first given on October 11 2011. This was followed by approvals for three extensions for both parties to complete the talks. Sanlam, one of the largest financial services group in South Africa and is listed on the Johannesburg Stock Exchange, was reportedly saying that it was looking at new opportunities in Southeast Asia.