EONCAP is the holding company of EON bank which has strong position in car loan lending activity. Recently, the board has entered into talk with Hong Leong bank in which latter has granted permission from bank negara to start the talk in effort to acquire smaller rival in the country. The only obstacle would be from Primus Pacific which controlled the EONCAP board. Primus has paid RM 9.55 per share to acquired 20 % of EONCAP in 2007.
It is likely Quek will only pay RM8 per share for EONCAP which equivalent to 1.6 times Price to Book value (PBv). Therefore, Primus will try their best to stop the acquisition.