ECM Libra Financial Group Bhd's biggest shareholders have appointed an adviser to find a buyer for the Malaysian securities firm and are considering three proposals, a person with knowledge of the matter said.

Azman Hashim, ECM Libra's biggest shareholder, Chairman Kalimullah Hassan and Managing Director Lim Kian Onn are seeking to either divest ECM Libra's investment banking unit or sell the entire company, said the person, who declined to be identified as the talks are private. The three own a combined 34.9 per cent of ECM Libra's shares, according to data compiled by Bloomberg.

Central bank licensing rules bar a single individual from being a key shareholder in two separate investment banks. Azman, who owns 21.66 per cent of ECM Libra, also indirectly holds 16.72 per cent of AMMB Holdings Bhd, Malaysia's fourth-biggest lender by market value, according to its 2010 annual report. AMMB has investment banking operations.

Bank Negara Malaysia, the Southeast Asian nation's central bank, gave Azman until January to sell one of the stakes and has granted him an extension, the person said. ECM Libra received an investment-banking license three years ago. Azman wasn't immediately available to comment, his assistant said.

ECM Libra's shares jumped 7.8 per cent to 97 sen in Kuala Lumpur trading today, the highest closing price since October 2007. The stock has risen 18 per cent since ECM Libra said March 29 that fourth-quarter profit more than tripled to RM45.8 million.

KandN Kenanga Holdings Bhd, a rival Malaysian securities firm, jumped 5.7 per cent today after the Edge Weekly reported it is considering a merger with ECM Libra, citing people it didn't identify. Lee Kok Khee, chief executive officer of KandN Kenanga, didn't immediately return a phone call seeking comment. ECM Libra spokeswoman Maureen Jeyasooriar didn't respond to an e- mail or a phone call seeking comment. -- Bloomberg