Quek’s poker game for Hong Leong Capital

AS corporate takeover sagas go, Hong Leong Capital Bhd (HLCap) will go down as one of the more colourful ones in Malaysia's corporate history. The usually savvy tycoon Tan Sri Quek Leng Chan ought to have wrapped up the privatisation of the investment banking and asset management unit of his group by now.

Alas, he is faced with a stock whose price has surged several hundred percent beyond what he first offered to pay.