<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on June 4, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: ECM Libra Financial Group Bhd said the Securities Commission Malaysia (SC) had approved its application to sell its entire equity interest in fund management arm Libra Invest Bhd to Kenanga Investment Bank Bhd (Kenanga IB).</p></div>

<div class=newsTextDataWrapInner><p>According to a bourse filing, the approval is subject to the condition that the proposed change of shareholder shall not adversely affect the soundness of Libra Invest’s business and the interests of Libra Invest’s clients.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>This follows Bank Negara Malaysia’s approval, which was granted last Wednesday, which was subject to Kenanga IB obtaining the necessary approval from the SC.</p></div>

<div class=newsTextDataWrapInner><p>In March, Kenanga IB proposed to acquire Libra Invest from ECM Libra for a provisional purchase consideration of RM50.1 million to broaden its footprint in asset and wealth management.</p></div>

<div class=newsTextDataWrapInner><p>ECM Libra shares rose 3.5 sen or 14.58% to end at 27.5 sen yesterday, giving it a market capitalisation of RM131.98 million. Kenanga IB, meanwhile, climbed half a sen or 0.87% to 58 sen, translating into a market capitalisation of RM405.24 million.</p></div>


KUALA LUMPUR: ECM Libra Financial Group Bhd said the Securities Commission Malaysia (SC) had approved its application to sell its entire equity interest in fund management arm Libra Invest Bhd to Kenanga Investment Bank Bhd (Kenanga IB).

According to a bourse filing, the approval is sub...

SC approves ECM Libra’s sale of fund management arm to Kenanga IB

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