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发表于 24-12-2009 03:07 PM
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有什么supporting？
傻人最有傻福 发表于 24-12-2009 02:48 PM 
HLBB gets Khazanah’s support
Thursday, 24 December 2009 11:24
KUALA LUMPUR: Hong Leong Bank Bhd (HLBB) is believed to have gained thesupport of Khazanah Nasional Bhd in its bid for EON Capital Bhd,sources say. Khazanah, with a 10% stake, is among the substantial shareholders of EONCap.
It islearnt that HLBB is now awaiting Bank Negara Malaysia (BNM) approval tobegin formal negotiations with the board of EONCap to take over thebank.
So far, HLBB has BNM approval to negotiate with Tan SriTiong Hiew Khing’s RH Development Corp Sdn Bhd and Rin Kei Mei’sprivate vehicles — Kualapura (M) Sdn Bhd and Lintang Emas Sdn Bhd.
Thesingle largest shareholder of EONCap is Primus Pacific Partners Ltdwith 20.2%. Primus has so far kept mum on whether it is in talks withHLBB but sources say the Hong Kong-based private equity firm is likelyto resist the takeover.
Assuming HLBB can successfully acquirethe combined 32.57% of EONCap held by Singaporean Rin and the Tiongfamily, who appear keen to cash out, along with Khazanah’s shares andan additional 12.01% owned by the Employees Provident Fund, the Tan SriQuek Leng Chan-controlled bank would still need to gain approval fromthe boards of EONCap and EON Bank to bring their proposal toshareholders.
Thus, Primus still holds the edge and can stall the deal, say observers.
AlthoughHLBB would likely muster majority shareholder approval for its takeoverof EONCap, the approval of EONCap’s board is key to a successful bid.This is because the board must agree to the proposal before it can beput to the shareholders.
According to EON Bank’s website, theboard of EONCap includes chairman Tan Sri Syed Anwar Jamalullail, whois also chairman of EON Bank’s board and Datuk Mohd Shahari AhmadJabar, who also sits on EON Bank’s board. Both are believed to beKhazanah nominees.
Others on the EONCap board are Primusco-founder and managing director Ng Wing Fai, Rodney Gordon Ward, YeoKar Peng, Rin Kin Mei and Tiong Ik King.
Meanwhile, EON Bank’sboard consists of Ward, Yeo and Jeroen Niuewkoop, Datuk Mohd Hussin AbdHamid, Rin Nan Lun, Datuk Tiong Ing and Gooi Hoe Soon.
AlthoughPrimus has so far kept mum on the current developments at EONCap, itwould probably show some mettle at board level once the company gets anoffer from HLBB.
Given Primus’ high entry cost, spending RM1.34billion, or RM9.55 a share, in June 2008 for its 20.2% stake, the HongKong firm is expected to push for a maximum offer from HLBB.
UnlessHLBB is willing to walk away from its bid, as it does not have much tolose, its attempt to take over EONCap could turn into a long drawn-outaffair, reminiscent of Bumiputra-Commerce Holdings Bhd’s takeover ofSouthern Bank Bhd (SBB) in 2006.
That merger, one of the largestin Malaysian corporate history, costing RM6.7 billion, resulted fromintense negotiations with SBB board members, including CEO Tan Sri TanTeong Hean and the Selangor royal family, on opposing sides of the deal.
Theparties began talking in October 2005, but a deal was not done untilMarch the following year, after a turn of events which included theemergence of Datuk Chua Ma Yu as a 14.1% shareholder in SBB’s holdingcompany, Killinghall (M) Bhd. It is understood that this played a handin SBB’s fate, leading to its takeover by Bumiputra-Commerce.
Butin the case of EONCap, HLBB is not expected to face such toughnegotiations as the majority of the shareholders are open to atakeover. The question remains, however, how far Quek and HLBB would goto acquire EONCap should negotiations turn difficult.
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