Petra Perdana CEO Ousted In Marathon EGM
Petra Perdana said shareholders yesterday approved of the motion to remove Tengku Ibrahim Petra as CEO, after a 13 hour EGM yesterday. The company also named Shamsul Saad, Kho Poh Eng and Koh Poh Wat as EDs, while Surya Hidayat Abdul Malik, Ganesan Sundaraj and Ahmad Haji Mohd Sharkan were appointed as independent non-EDs, according to their filing with Bursa Malaysia.

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
In a filing to Bursa Malaysia Securities, EON Capital said it received a letter Thursday from Kualapura (M) Sdn Bhd and Lintang Emas notifying that they would call and convene an EGM for the appointment of 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.