KUALA LUMPUR: AMMB Holdings Bhd chairman Tan Sri Azman Hashim (pic) has ceased to be a substantial shareholder of ECM Libra Financial Group Bhd through the disposal of about 25.8% indirect interest in the financial services group to Truesource Sdn Bhd.

In a filing with Bursa Malaysia, ECM Libra said the disposal of 74.195 million shares was done via Amsec Nominees (Tempatan) Sdn Bhd (Azman’s deemed interest: 43.506 million shares), Hikkaya Jaya Sdn Bhd (16.514 million shares), Amcorp Group Bhd (9.778 million shares) and Arab-Malaysian (CSL) Sdn Bhd (4.398 million shares) on May 31.

The disposal followed a share sale agreement on Feb 23 between the four companies (Equity Vision Sdn Bhd being the owner of the shares held by Amsec Nominees) and Truesource, a subsidiary of Plato Capital Bhd.

ECM Libra managing director and cofounder Lim Kian Onn, who is also Plato Capital’s substantial shareholder, is undertaking an unconditional take-over offer for all of the remaining ECM Libra shares not already held by him and persons acting in concert with him (PAC) for 37 sen cash per share.

Lim and PAC had a 50.26% stake in the company as at May 20, the date of the unconditional takeover notice to the board. 

ECM Libra recorded earnings of RM11.178mil for the financial year ended Jan 31, 2016 (FY16), with the biggest operating profit contributor (67%) being the unit trust fund managed by Libra Invest Bhd. During the year it made a capital repayment of RM286mil, or 99.7 sen per RM1 share, to shareholders.