Hong Leong submits application for EON's takeover

HLB also submitted application for $470.37mln rights issue to Malaysia's central bank for its expansion.

Hong Leong Bank Bhd (HLBB) on Friday submitted its application to Bank Negara to acquire the entire assets and liabilities of EON Capital Bhd.

It also announced its plan to raise capital via a proposed rights issue of up to RM1.6 billion ($470.37 million) to further bolster its capital base for future growth.

In a statement, president of Hong Leong Financial Group Bhd and a director of HLBB, Raymond Choong said an extraordinary general meeting to seek the shareholders' approval for the transaction is expected to be held by end of May.

The proposed rights issue will be undertaken to strengthen capital base after the completion of the acquisition of EON Capital assets and liabilities, Choong said.

View the full story in Bernama.