| General Announcement |
| Reference No: |
EL-061219-41900 |
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| Company Name |
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ECM LIBRA AVENUE BERHAD |
| Stock Name |
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ECM |
| Date Announced |
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19/12/2006 |
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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 DISPOSAL OF THE ENTIRE 40% EQUITY INTEREST HELD IN AN ASSOCIATE COMPANY, MUAMALAT AVENUE SDN. BHD. (FORMERLY KNOWN AS AVENUE ASSET MANAGEMENT SERVICES SDN BHD) ("MuAV") |
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| Content : |
The Board of Directors of ECMLA wishes to announce that the Company had on 18 December 2006, entered into a conditional share sale agreement ("SSA") with Bank Muamalat Malaysia Berhad ("BMMB"), for the proposed disposal by ECMLA of its entire 40% equity interest in MuAV represented by 4,000,000 ordinary shares of RM1.00 each in MuAV for RM4.42 million to be satisfied entirely by cash ("Proposed Disposal"). The SSA shall be completed upon, amongst others, approvals to be obtained by MuAV from the Securities Commission (Licensing department) and by BMMB from the Minister of Finance through Bank Negara Malaysia (if required), within a period of three (3) months from the date of the SSA.
MuAV is principally involved in the provision of fund management services and is currently a 60%-owned subsidiary of BMMB. The Proposed Disposal represents an avenue for ECMLA to realise its investment in MuAV of which it only has a minority stake. In addition, the Company already has a fund management arm under Avenue Invest Berhad, which is a wholly-owned subsidiary of ECMLA.
None of the directors, substantial shareholders or persons connected to directors or substantial shareholders of ECMLA have any interest, direct or indirect in the Proposed Disposal.
This announcement is dated 19 December 2006.
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