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EON Capital Bhd (EON Cap) said the EGM called by its major shareholder and director Rin Kei Mei will be held on March 15 after the meeting was adjourned on Monday on technical grounds.

In a filing with the stock exchange, the company said it received yesterday a letter from Rin’s investment vehicles, Kualapura (M) Sdn Bhd and Lintang Emas Sdn Bhd, notifying it that they would call and convene the EGM for the purpose of considering and if thought fit, the appointment of seven new directors to the EON Cap board.

The proposed candidates are Tengku Ahmad Faisal Tengku Ibrahim (ING Insurance Bhd director), Tengku Azman Ibni Sultan Abu Bakar (Syarikat Takaful Malaysia Bhd director), Haron Siraj (Jerneh Asia Bhd and Scomi Group Bhd director), Zaha Rina Zahari (MAA Holdings Bhd director), Wee Hoe Soon @ Gooi Hoe Soon (EON Bank Bhd director), Nicholas John Lough @ Sharif Lough Abdullah (MAAKL Mutual Bhd director) and Ahmad Riza Basir (Jerneh Asia Bhd and Manulife Holdings Bhd director).

Tan Leh Kiah had earlier been proposed but announced his decision to pull out on Monday.

The EGM notice added that the proposed appointments would be with effect from receipt of Bank Negara’s approval, and not “with immediate effect” as per its earlier notice.

EON Cap said it had received seven separate notices from Rin’s companies on their intention to propose the seven individuals for election and appointment as well as seven separate notices from the said individuals to notify of their willingness to be elected and appointed directors at the forthcoming meeting.

Shortly after the EON Cap board rejected a takeover offer by Hong Leong Bank Bhd and decided not to table the offer to shareholders, Rin had called for the EGM to reconstitute the board, presumably to put through to shareholders any new takeover offers.

Hong Leong Bank’s RM4.92bil cash offer was deemed by the board as “undervalued” given that the financial group had undergone a three-year transformation programme which had positioned it for “strong and sustained future growth as an independent company.”

The EGM will be held at Hotel Equatorial, KL at 4pm. “The company will make further announcements as and when it receives new relevant information in this regard,” EON Cap said.

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GENTING Plantations Bhd has reported a pre-tax profit of RM301.9 million for its financial year ended Dec 31, 2009, down 37 per cent from the previous year’s record level of RM482.88 million.

Revenue declined 27 per cent to RM755.6 million while earnings per share was 37 per cent lower at 31.1 sen, the company said in a statement Wednesday.

The weaker results in 2009 were mainly due to a six per cent year-on-year decline in the production of fresh fruit bunches (FFB) and softer prices of palm products amid a downturn in the global economy, it said.

The average crude palm oil (CPO) and palm kernel prices achieved in 2009 were RM2,236/mt and RM1,063/mt respectively compared with RM2,822/mt and RM1,595/mt in 2008, said Genting Plantations.

Contribution from the Property Division was also lower in 2009, down 45 per cent from the previous year to RM6.8 million due to the unfavourable economic conditions, the company said.

Expenditure incurred for the Biotechnology Division increased slightly in 2009 compared to 2008, but this was mitigated by the lower deficit recorded for the Plantation-Indonesia Division.

“Barring any unforeseen circumstances, the performance of the group for the coming financial year is expected to be satisfactory,” Genting Plantations said.

The board of directors recommended a final dividend of 5.25 sen per ordinary share of 50 sen each, less 25 per cent tax, for the 2009 financial year.

This is higher than the final dividend of 5.0 sen per ordinary share, less 25 per cent tax, recommended for the previous year

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Hong Leong Bank Bhd recorded a 12.7% reduction in net profit to RM224.7mil for its second quarter ended Dec 31, 2009 against the corresponding quarter in 2008.

Revenue also fell by 7.9% to RM519.4mil for the period under review.

For the six-month period, Hong Leong also recorded a decrease in net profit to RM459mil against RM499.4mil in the same period in 2008.

Revenue also decreased to RM1.03bil compared to RM1.11bil a year earlier.

But for the six months ended Dec 31 compared to the preceeding six months ended June 30 in 2009, the bank recorded a 22% rise in pre-tax profit, reflecting the recovery in economy due to the global financial crisis.

“On a half-year to half-year comparison, pre-tax profit for the period of July to December 2009 increased by 22% against the period of January to June 2009 while gross loans grew 2% in the last six months.

“Loans to individuals expanded 3% and working capital loans grew 2%. We expanded the mortgage books by 4% and we saw 5% growth in the unsecured segment (credit cards and personal lending). This growth momentum should continue,” said group managing director and chief executive officer Yvonne Chia in a statement yesterday.

Going forward, Chia said while the bank was cautiously optimistic of the economic outlook and structural changes to the banking sector globally, it remained “very confident” of its prospects.

“The Malaysian economy should be more vibrant this year and we are well positioned to grow with the upside potential.”

“The recovery of the global financial and economic systems remains vulnerable. Systemically, the sector is resilient today and well-positioned to cope with any further downside risks that arise from global uncertainties,” she said.

Bank of Chengdu Co Ltd contributed RM27mil to Hong Leong Bank’s profit for the quarter ending December 2009.

For the half-year ending December 2009, profit contributions from Bank of Chengdu expanded 24% against the same period last year.

Hong Leong bought a 19.99% stake in Chengdu City Commercial Bank Co Ltd for RM877.5mil in 2007.

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