KUALA LUMPUR (May 31): ECM Libra Group Bhd said Datuk Lim Kian Onn, the group's non-independent and non-executive director, has made a conditional mandatory general offer (MGO) to buy out minority shareholders of the group.

This comes after Lim on Tuesday (May 31) acquired an additional 19.2 million shares or 4% stake in the group —  via a direct business transaction — from Tune Group Sdn Bhd for RM4.22 million or 22 sen per share.

The purchase raised Lim's equity interest in ECM Libra to 11.68% from 7.68% previously.

The collective shareholdings of Lim and other persons acting in concert, meanwhile, rose to 38.84% or 186.42 million shares, triggering the conditional MGO for the remaining shares.

They are seeking to buy the remaining shares at 22 sen per share, said Mercury Securities Sdn Bhd, the principal adviser to the offeror.

Lim intends to maintain the listing status of ECM Libra, Mercury Securities added in a notice to the group filed with Bursa Malaysia.

Bloomberg data showed that Tune Group is the largest shareholder of ECM Libra with a 24.79% stake, followed by Julius Baer Group Ltd (21.95%), Datuk Seri Kalimullah Masheerul Hassan (14.7%), Truesource Pte Ltd (11.81%), and Lim.

Shares of ECM Libra were last traded at 18 sen, giving the group a market capitalisation of RM86.39 million.