KUALA LUMPUR (June 7): Ambank Group chairman Tan Sri Azman Hashim has ceased to be a substantial shareholder in ECM Libra Financial Group Bhd upon the disposal of his entire 27.8% indirect stake in ECM Libra, via four vehicles.

In a filing with Bursa Malaysia, ECM Libra said Azman has relinquished his substantial deemed interest in the group after 74.19 million shares in the group were disposed of by Amcorp Group Bhd, Amsec Nominees (Tempatan) Sdn Bhd - Fulcrum Asset Management Sdn Bhd for Equity Vision Sdn Bhd, Hikkaya Jaya Sdn Bhd, and Arab-Malaysian (CSL) Sdn Bhd.

Amcorp Group disposed of 9.78 million ECM Libra shares, while Equity Vision divested 43.51 million shares; Hikkaya Jaya sold 16.51 million shares, while Arab-Malaysian (CSL) sold 4.4 million shares.

The announcement of the stake disposal came following the execution of a share sale agreement (SSA) between Amcorp Group, Hikkaya Jaya, Arab-Malaysian (CSL) and Equity Vision and Truesource Sdn Bhd (the purchaser) with respect to the 74.19 million shares in February. The purchase consideration for the shares was 37 sen per share.

Truesource is a subsidiary of Plato Capital Ltd, of which ECM Libra's managing director and substantial shareholder Lim Kian Onn is also a director and substantial shareholder.

Pursuant to the SSA, Lim issued a notification of potential mandatory general offer to acquire the remaining stakes he and the persons acting in concert (PACs) with him does not already own in ECM Libra, followed by a notice of unconditional takeover offer dated May 20, at 37 sen for each ECM Libra share.

As at the date of the notice, Lim and the PACs are deemed to have beneficial interest over 144 million ECM Libra shares, representing approximately 50.26% of the issued and paid-up share capital of ECM Libra, after the SSA became unconditional on the same day.

Lim intends to maintain the listing status of ECM Libra.

ECM Libra shares closed one sen or 2.67% higher at 38.5 sen, with a market capitalisation of RM108.91 million.