Tuesday, June 22, 2010

EON Cap seeks legal advice on Primus lawsuit

KUALA LUMPUR: EON CAPITAL BHD [] is seeking legal advice on the lawsuit filed by its 20% stakeholder, Primus Pacific Partners
Ltd, to stop EON Capital from selling out to HONG LEONG BANK BHD [].

EON Capital chairman Gooi Hoe Soon said the bank was ready to share with shareholders and the media on their plans moving forward including the date for an extraordinary general meeting, but the news of the lawsuit that came at noon on Monday had halted their plan.

"We're not at liberty to divulge or discuss anything related to the Hong Leong Bank offer since it has gone to court. Any discussion may be subjudiced," he told reporters after EON Capital's annual general meeting on Tuesday, June 22.

Hong Kong-based Primus said it had considered the offer by Hong Leong, the country's sixth biggest lender, to take over EON Capital as unlawful as the action by some EON Capital board members to support the bid was not in the interest of the company or shareholders.

Hong Leong Bank had first offered to buy Malaysia's seventh biggest lender group at RM4.92 billion in January this year, but after being told it was too low, its second offer to EON Capital was raised to RM5.1 billion. - Bernama

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