We refer to the Company’s announcements dated 3 June 2022, 26 July 2022, 28 July 2022, 24 November 2022, 5 December 2022, 7 December 2022, 28 February 2023, 22 May 2023, 1 June 2023, 13 July 2023 and 24 August 2023 in relation to ECMLG’s non-compliance with the public shareholding spread requirement pursuant to paragraph 8.02(1) of the Listing Requirements (“Public Spread Requirement”).
The Board of Directors of ECMLG wishes to announce the following status announcement in conjunction with the release of the Company’s quarterly results for the third quarter ended 30 September 2023, pursuant to Paragraph 3.3 of Practice Note 19 of the Listing Requirements.
As announced on 13 July 2023, Bursa Securities had vide its letter dated 12 July 2023 directed the Company to rectify the shortfall in its public shareholding spread within six (6) months from the date of the aforesaid letter, i.e. on or before 12 January 2024.
Based on the Record of Depositors of ECMLG dated 16 November 2023, the public shareholding spread of the Company stood at 22.60%, a shortfall of 2.40%.
The Company has on 23 November 2023 announced its intention to undertake a private placement of up to 47,992,500 new ordinary shares in ECMLG (“ECMLG Shares”), representing up to approximately 10% of the existing total number of issued ECMLG Shares, to independent third party investor(s) to be identified later at an issue price to be determined later, in accordance with the authority granted by its shareholders pursuant to Sections 75 and 76 of the Companies Act 2016 to address the shortfall in its public shareholding spread.
The Company will continue to monitor the level of its public shareholding spread and make the necessary announcements on the status of its efforts to comply with the Public Spread Requirement.
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