KUALA LUMPUR: ECM Libra Avenue Bhd has announced that its wholly owned subsidiary, ECM Libra Avenue Securities Sdn Bhd (ECMLAS), has been granted approval to transform to an investment bank.

Following approvals from Bank Negara and the Securities Commission, ECMLAS has been granted a merchant bank licence and will commence operations under the name of ECM Libra Investment Bank Bhd, the company said in a filing with Bursa Malaysia yesterday.

The company said the approval was subject to, among others, its largest shareholder Tan Sri Azman Hashim "rationalising" his shareholding in the company within a year.

Another condition is that co-founders Datuk Kalimullah Hassan and Lim Kian Onn are exempted from holding executive positions in the group for a period of two years.