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Malaysia Daily Bulletin | 05 February 2010
Malaysia Daily Bulletin – 05/02/10
Petra Perdana CEO Ousted In Marathon EGM This has triggered ratings upgrade by analysts now that the issue of management uncertainty has been settled. Maybank upgraded the stock to Hold from Sell, while Hwang-DBS Vickers upgraded it to Buy from Fully Valued, with TP raised to RM1.65 from RM1.45. EON Capital Calls For EGM To Appoint Eight Additional Directors The move comes after the existing board rejected Hong Leong Bank’s takeover bid. The EGM is scheduled for 22 February. “There are no surprises in the latest development in EON Capital,” said one analyst quoted by Bernama. Kualapura, which owns 11.12% in EON Capital and 4.29% in Lintang Emas, is controlled by Singaporean Rin Kei Mei and his family. Hong Kong-based Primus, which is heavily represented on the existing board, is said to be opposing the deal to table the offer by Hong Leong Bank to the shareholders of EON Capital given its significantly higher entry cost of RM9.55 per share or RM1.3b for its 20.2% stake acquired in February 2008. Hong Leong Bank valued the shares at RM7.10 each or a total of RM4.92b.
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