KUALA LUMPUR: EON CAPITAL BHD [] will distribute the RM312 million which it will receive as special dividend from its unit EON Bank Bhd to all its entitled shareholders.
The dividend was proposed by EONCap on April 29 and agreed by HONG LEONG BANK BHD [] as a last-minute extra condition to the latter's acquisition of EONCap's assets and liabilities for RM5.06 billion.
EONCap said on Friday, May 6 that Hong Leong Bank's offer had been completed. It said the amount had been fully remitted to EONCap.
It added that following the approval of Bank Negara Malaysia on Thursday, EONCap was also expected to receive the interim dividend from EON Bank in due course.
'It is the intention of the (EON Cap) board to distribute the entire sale consideration and the interim dividend, with any interest thereon and after deducting other obligations that may be incurred or approved by EONCap after May 6, 2011, back to all the entitled shareholders of the company in due course via the proposed special dividend and proposed capital repayment as approved by the company's shareholders at the extraordinary general meeting held on Sept 27, 2010.
EONCap said with the completion of the offer, it would no longer have any business or operations and would be deemed a cash company based on its cash holdings position comprising the sale consideration and the interim dividend.
It also said the board will not be undertaking any plans to regularise the company's financial condition as it does not intend to maintain the listing status after the proposed distribution.
EONCap said the proposed capital repayment is still subject to the confirmation of the High Court of Malaya.
It also said the sale consideration and interim dividend would be placed with financial institutions to earn interest income.
The dividend was proposed by EONCap on April 29 and agreed by HONG LEONG BANK BHD [] as a last-minute extra condition to the latter's acquisition of EONCap's assets and liabilities for RM5.06 billion.
EONCap said on Friday, May 6 that Hong Leong Bank's offer had been completed. It said the amount had been fully remitted to EONCap.
It added that following the approval of Bank Negara Malaysia on Thursday, EONCap was also expected to receive the interim dividend from EON Bank in due course.
'It is the intention of the (EON Cap) board to distribute the entire sale consideration and the interim dividend, with any interest thereon and after deducting other obligations that may be incurred or approved by EONCap after May 6, 2011, back to all the entitled shareholders of the company in due course via the proposed special dividend and proposed capital repayment as approved by the company's shareholders at the extraordinary general meeting held on Sept 27, 2010.
EONCap said with the completion of the offer, it would no longer have any business or operations and would be deemed a cash company based on its cash holdings position comprising the sale consideration and the interim dividend.
It also said the board will not be undertaking any plans to regularise the company's financial condition as it does not intend to maintain the listing status after the proposed distribution.
EONCap said the proposed capital repayment is still subject to the confirmation of the High Court of Malaya.
It also said the sale consideration and interim dividend would be placed with financial institutions to earn interest income.
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