Eon Bank gets backdoor listing

ING Barings'' increasing focus on Malaysian advisory has led to a second significant FIG deal.
July 29, 2001
It is the second time in as many weeks that ING Barings has advised on a reverse takeover in Malaysia. In this case, it is advising Kedah Cement, which will be the vehicle used by Eon Bank to obtain a listing.

Eon Bank is one of the 10 so-called 'anchor' banks selected by Bank Negara in its attempt to force consolidation among Malaysia's 53 former financial institutions. However, Eon Bank -- 56.5% owned by car company Eon -- was unlisted which posed some obvious disadvantages.

Coincidentally, Lafarge of France had bought Malayan Cement which owns 77% of Kedah Cement and indicated it wished to restructure the two companies....

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