Trading in the shares of ECM Libra Financial Group Bhd on Bursa Malaysia was suspended, effective 9.00am, today.

The stock was last traded at five sen per share.

The suspension followed a notification of a potential mandatory general offer (MGO) received by the investment holding company.

The offer was from Lim Kian Onn, a director and substantial shareholder of both ECM Libra and Plato Capital Ltd.

“The board was informed that a conditional share sale agreement was executed on Feb 23, 2016 between Amcorp Group Bhd, Hikkaya Jaya Sdn Bhd, Arab-Malaysian Sdn Bhd and Equity Vision Sdn Bhd as vendors and Truesource Sdn Bhd as the purchaser with respect to 74.19 million ordinary shares in ECM Libra.

“The purchaser is a subsidiary of Plato Capital Ltd,” said ECM Libra in a filing to Bursa Malaysia.

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.

Pursuant to the Malaysian Code on Take-Overs and Mergers, 2010, the purchaser and/or parties acting in concert are obliged to undertake a MGO to acquire all the remaining shares in ECM Libra not already owned by the purchaser and parties acting in concert when the agreement becomes unconditional.

“Lim 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 added.

- Bernama