The proposals. HL Bank announced on 23 Apr details on the proposed acquisition of the entire assets and liabilities of EON Cap for RM5.06bn (Proposed Acquisition). This is essentially the same as the revised offer HL Bank made on 1 Apr 2010 and appears to put to rest EON Cap’s request that the offer includes some element of equity. HL Bank also announced two capital raising exercises to strengthen its balance sheet, i.e.:
1) a renounceable rights issue to raise gross proceeds of up to RM1.6bn (Proposed Rights Issue); and
2) the issuance of up to RM1.8bn of capital qualifying securities. The entitlement basis for the Proposed Rights Issue and the issue price will only be announced at a later date.
Hong Leong Bank Berhad : Proposing Capital Raising Exercise Of Up To RM3.4bn-26/04/2010
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