Moody's may up EON Bank

Moody's Investors Service said it is continuing its review for possible upgrade of EON Bank Bhd.'s Baa2/prime-3 foreign-currency long-term and short-term deposit ratings and D bank financial strength rating.

The review began in April following EON Capital's board decision to call an extraordinary general meeting to seek shareholder approval of Hong Leong Bank's proposed acquisition of its assets and liabilities.

The extension of the review is due to the protracted nature of the proposed deal, Moody's said.

Contributing to the delay is an earlier lawsuit filed against certain shareholders and directors of EON Capital by its largest shareholder, Primus Pacific Ltd., the agency said.

Moody's also noted that most regulatory approvals have been granted, and the closing date set for all approvals, including shareholders' approvals and EON Capital's acceptance is Nov. 30, 2010.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.