General Announcement
Reference No: ML-120621-62685
Stock Name : ECM
Date Announced : 21/06/2012
Type : Announcement
Description :

• Proposed Disposal;
• Proposed Business Merger;
• Proposed Capital Repayment;
• Proposed Share Split; and
• Proposed Share Consolidation,
(collectively referred to as the “Proposals”)

Announcement Details/Table Section :

(Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcement in relation to┬áthe Proposals dated 15 June 2012)

We refer to the announcement dated 15 June 2012 made by ECM Libra Investment Bank Berhad (“ECMLIB”), on behalf of the Board of Directors of ECMLFG (“Board”) in relation to the Proposals (“Announcement”).


It was stated under Section 8 of the Announcement, that upon the completion of the Proposed Disposal, the Company may, according to the Listing Requirements trigger criteria 2.1 (g) of Practice Note 17 of the Listing Requirements where the Company may be deemed to have suspended or ceased its major business and operations with the disposal of ECMLIB.


On behalf of the Board, ECMLIB wishes to clarify that in view of the above, the Proposed Disposal shall comply with the requirements under Paragraph 10.02(eA) of the Listing Requirements pertaining to major disposals. As a result of this, the appointment of Affin Investment Bank Berhad as the Independent Adviser on 18 April 2012 will also be deemed to be pursuant to paragraph 10.11A of the Listing Requirements.


The role of the Independent Adviser for its appointment pursuant to Paragraphs 10.08 and 10.11A of the Listing Requirements is as follows:

  1. to comment as to whether the Proposals are fair and reasonable in so far as the shareholders of ECMLFG are concerned and whether the Proposals are to the detriment of the shareholders (but excluding the interested shareholder since the Proposed Disposal is a related party transaction), including the reasons for the key assumptions made and the factors taken into consideration in forming such opinion;

  2. to advise the shareholders of ECMLFG (but excluding interested shareholder since the Proposed Disposal is a related party transaction) on whether they should vote in favour of the Proposals; and

  3. to take all reasonable steps to satisfy itself that it has a reasonable basis to make the comments and advice in subparagraphs (i) and (ii) above.

In addition, based on the structure of the Proposed Disposal, the Board is satisfied that KIBB is deemed to have adequate financial resources to finance the cash portion of the Consideration for the Proposed Disposal. The Board does not intend to seek any alternative proposals in respect of the Proposed Disposal.

This announcement is dated 21 June 2012.

<< back
Copyright 2021 ECM Libra Group Berhad (713570-K). All rights reserved | Term