| General Announcement |
| Reference No: |
OS-060803-61705 |
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| Company Name |
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ECM LIBRA BERHAD |
| Stock Name |
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ECMLIB |
| Date Announced |
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03/08/2006 |
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| Type |
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Announcement |
| Subject |
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ECM LIBRA AVENUE BERHAD
(FORMERLY KNOWN AS AVENUE INTERNATIONAL CAPITAL BERHAD)
("ECMLA" OR "COMPANY")
- PROPOSED ASSIGNMENT AND TRANSFER OF THE DEALER LICENSE |
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| Content : |
On behalf of the Board of Directors of ECMLA, Avenue Securities Sdn Bhd ("Avenue") wishes to announce that ECM Libra Securities Sdn Bhd ("ECMLS") and Avenue (both wholly-owned subsidiaries of ECMLA) had on 27 July 2006 entered into an Assignment Agreement with HLG Securities Sdn Bhd ("HLGS") for the proposed assignment and transfer by ECMLS of its dealer's license (excluding stockbroking business, other assets and operations of ECMLS) to HLGS for a cash consideration of RM5,000,000 ("Proposed Assignment").
The Proposed Assignment represents an opportunity for ECMLS to realise cash for the surrender of its licence upon the completion of the stockbroking business merger with Avenue. The Proposed Assignment is subject to the approval of the Securities Commission.
None of the Directors and/or substantial shareholders of ECMLA and persons connected with them have any interest, direct or indirect, in the Proposed Assignment.
This announcement is dated 3 August 2006.
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