KUALA LUMPUR, Nov 23 Pacific & Orient Bhd (POB) and its subsidiary, Pacific & Orient Insurance Co Bhd, has disposed of an aggregate of 14 million ordinary shares in Ancom.
In a landmark ruling, the Federal Court has held that road accident victims should be automatically compensated without having to sue insurance companies
PACIFIC & Orient Bhd (P&O) may be widely known as one of the country’s largest general insurers, but not many know there is a lot more to the group.
It has a mere RM226 million in market capitalisation, and P&O managing director and CEO Chan Thye Seng believes his company’s shares are underappreciated.
“The market cap of P&O is very small. Our shares are deeply undervalued, if you analyse the investments and asset value that we have in the listed company and non-listed companies. And that’s just investments. We haven’t even talked about the value of our insurance business, which we are holding at a cost of RM30 million in our books,” he tells The Edge in an interview.
The Court of Appeal in
Likas Bay Precinct Sdn Bhd v
Bina Puri Sdn Bhd [2019] 3 MLJ 244, held that a
successful claimant in adjudication proceedings is not required to
enforce the adjudication decision before issuing a statutory notice
of demand. However, in
ASM Development (KL) Sdn Bhd v
Econpile (M) Sdn Bhd (Case No. WA-24NCC-363-07/2019),
the High Court recently allowed the plaintiff s application for
a Fortuna Injunction, which restrained the successful party in a
CIPAA proceeding from presenting a winding-up petition against
the losing party who failed to pay the adjudicated sum pursuant to
the CIPAA decision.
This article summarizes the decision of the High Court