WEALTH MANAGEMENT | Tony Chua, Malaysia

EON Capital requests Bank Negara's nod for negotiations

Talks with Hong Leong for possible acquisition of its assets and liabilities are not yet finalised.

EON Bank Bhd's group chief executive officer Michael Lor, in a report in Bernama said the deal includes equity interest in EONCap as well.

HLB had received Bank Negara's nod on 6 January 2010 to begin negotiations with the boards of EONCap and EON Bank for the potential purchase of their assets and liabilities, including EONCap's equity interest in EON Bank.

On the shareholders' side, HLB has secured permission to talk with Rin Kei Mei and Tan Sri Tiong Hiew King, who own a combined indirect stake of 31.7 percent held through Kualapura Sdn Bhd and Lintang Emas Sdn Bhd with 15.4 percent and RH Development Sdn Bhd with 16.3 percent.

Khazanah Nasional Bhd, which has a 10 percent stake, confirmed that Bank Negara had no objection for it to begin talks, while the Employees Provident Fund (EPF) has been reported to be planning to sell its 10.7 percent stake in EONCap.

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