Affin believed to have submitted rival bid for EONCap

Affin Holdings is believed to have revived its interest in EON Bank group in a rival bid that betters the one offered by tycoon Tan Sri Quek Leng Chan’s Hong Leong Bank (HLBB). Sources told The Edge Financial Daily that Affin, controlled by Lembaga Angkatan Tentera (LTAT) and its foreign partner Hong Kong’s Bank of East Asia Ltd, has put in revised proposal for EON Capital to Bank Negara to rival HLBB’s offer. According to sources this is the third time Affin has submitted a proposal for EONCap. It is believed that the offer is higher than the HLBB offer and it includes a share equity element.
(Financial Daily)

Yesterday, KNM announced that the Company and BlueFire Capital Group Ltd, which includes its partners GS Capital Partners VI Fund L.P and Mettiz Capital Limited, were unable to reach an agreement on the pricing of the proposed acquisition of the entire business and undertakings of KNM for a price equivalent to RM0.90/share. Hence, all parties mutually agreed that the proposal made by BlueFire on 4 Feb 2010 has lapsed.

Thailand: Moody’s sees ‘heightened’ uncertainty in Thai rating

Thailand’s political tensions are adding a “heightened degree of uncertainty” to its credit rating, Moody’s Investors Service said as it kept a negative outlook on the country’s debt. Standard & Poor’s Ratings Services also kept its negative outlook on Thailand’s debt and affirmed its BBB+ long-term foreign-currency rating, the third-lowest investment grade, it said. Moody’s has a Baa1 rating. (Bloomberg)