EON Capital Bhd said its board members, with the exception of Ng Wing Fai, agreed to seek shareholder approval for an offer by Hong Leong Bank Bhd to buy the company.

A notice to convene an extraordinary general meeting will be sent to shareholders in 'due course,' EON Capital said in a stock exchange statement in Kuala Lumpur today, without specifying a date.

Shareholders have been split over whether to accept a RM5.06 billion (US$1.57 billion) all-cash offer for EON Capital from billionaire Quek Leng Chan's Hong Leong Bank Primus Pacific Partners Ltd, EON Capital's biggest shareholder, is suing some directors of EON Capital, claiming they handled Hong Leong's bid improperly.

Ng is managing director at Primus Pacific, which holds 20 per cent of EON Capital's shares. Hong Leong's bid values EON Capital at RM7.30 a share, less than the RM9.55 a share Primus paid for its stake in 2008.

The Court has fixed Sept 20 to Sept 23 and Sept 27 and Sept 28 for Primus' lawsuit. EON Capital said today Hong Leong's offer is also dependent on the result of the Primus lawsuit and approval from the Minister of Finance.

Government-owned Khazanah Nasional Bhd, the Employees Provident Fund, and businessmen Rin Kei Mei and Tiong Hiew King jointly hold more than 50 percent of shares in EON, according to a statement from the bank on May 21.

For the sale to go through, the board needs acceptance from 50 per cent plus 1 share. - Bloomberg