Selected financial report of interest : HONG LEONG, MMC, E&O

Hong Leong: Shareholders give nod for EONCap buy
Shareholders of Hong Leong Bank Bhd (HLBK MK, Hold, TP: RM9.12) passed the resolution for the acquisition of the assets and liabilities of EON Capital Bhd for RM5.06bn at its EGM. HLBB’s MD and CEO Yvonne Chia added that she could not comment con EONCap’s ongoing court case. “Whatever happens, we are waiting for the due process and we are positive about it,” she told. On whether HLBB would extend its 30 Nov deadline for EONCap to accept its takeover offer
should the court case turn out to be longer than expected, HLBB’s non-ED said it was “too premature to comment at this stage”. (Financial Daily)

MMC :confirms UEM bid, awaiting government decision
MMC Corp Bhd said that it had submitted a preliminary proposal to the federal government to acquire UEM Group Bhd but had yet to receive “any indication” from the government on its proposal. “MMC will lead a consortium for the proposed acquisition and to date, we have not approached the Employees Provident Fund and / or Permodalan Nasional Bhd to be
our partners,” MMC said in a reply to a query to Bursa Malaysia. MMC is understood to have submitted its proposal to the Ministry of Finance in Aug. The move is seen as a “circuitous” way for MMC to acquire the toll road concessionaire, Plus Expressway Berhad (PLUS MK, Hold, TP: RM4.36). (Financial Daily)

E&O: Makes Penang Turf Club bidding list
Two foreign property development companies – one based in Singapore and another in Hong Kong – and Eastern & Oriental Bhd are among seven candidates shortlisted to bid for the new Penang Turf Club (PTC) development project. Most of the remaining candidates are headquartered in Kuala Lumpur. Those shortlisted for the tender have the option of buying
the 23.09ha site for RM200 per sq ft or developing the site jointly with PTC. It is learnt that those who submitted for the second round of bidding, which closed on 30 Sep had to pay a tender deposit of RM500,000. When contacted, E&O’s ED confirmed the group had submitted a bid in relation to the PTC land. The gross development value of the project was estimated at around RM1.5bn, based on the present market value of the PTC land of about RM500m, the sources said. (StarBiz)