HK’s Bank of East Asia to review assets with Elliott Management By Reuters

HONG KONG (Reuters) – Hong Kong-based Bank of East Asia (HK:) said on Wednesday it would carry out a comprehensive review of its portfolio of businesses and assets with the support of activist investor Elliott Management.

A long-running dispute between Elliott and the bank’s directors was due to be heard in a Hong Kong court later this year. The statement said Elliott would apply for a court ordered pause of these proceedings.

The review will focus on identifying potential strategic transactions that “would enhance the value of the Bank’s existing businesses and assets, as well as strategic alternatives for potentially non-core assets,” the bank’s statement said.

“Elliott supports the announcement today by BEA,” said Jonathan Pollock, Co-CEO and Chief Investment Officer of Elliott, according to the statement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.