KUALA LUMPUR (Feb 24): ECM Libra Financial Group Bhd suspended trading of its shares today after receiving a potential mandatory general offer (MGO) notification from its largest shareholder Lim Kian Onn.

In a statement to Bursa Malaysia today, ECM Libra said the share trade suspension was effective from 9am today.

In a separate filing to the bourse, ECM Libra announced that notification of the potential MGO came after a conditional share sale agreement was signed yesterday for 74.19 million shares in ECM Libra.

The vendors are Amcorp Group Bhd, Hikkaya Jaya Sdn Bhd, Arab-Malaysian (CSL) Sdn Bhd and Equity Vision Sdn Bhd while the purchaser is Truesource Sdn Bhd.

Truesource is a subsidiary of Plato Capital Ltd. Lim is a director and substantial shareholder of ECM Libra and Plato.

"The board was informed that under the agreement, there are conditions precedent which are required to be satisfied in order for the purchaser to complete the sale and purchase of the sale shares.

"Mr Lim Kian Onn has informed that upon the agreement becoming unconditional, he will undertake the MGO in accordance with the provisions of the Malaysian Code on Take-Overs and Mergers, 2010," ECM Libra said.

According to Bloomberg data, Lim owns 69.84 million shares representing a 24.37% stake in ECM Libra.

Yesterday, ECM Libra shares closed at 33 sen for a market capitalisation of RM94.6 million.