ECM Libra fails in bid for further extension of time to comply with public shareholding requirement

KUALA LUMPUR (July 13): ECM Libra Group Bhd said its application for a six-month extension to comply with the public shareholding spread requirement of 25% has been rejected by Bursa Malaysia Securities.

In a filing on Thursday (July 13), the financial services group said its public shareholding spread stood at 22.60%, a shortfall of 2.40% or 11.52 million shares.

Last December, Bursa granted ECM Libra a six-month extension to comply with its public shareholding requirement, pushing the deadline to June 2.

The group then sought for another six-month extension until Dec 2, which has now been rejected.

ECM Libra’s largest shareholder is Tune Group Sdn Bhd with a direct stake of 20.79%, followed by Triden Trust Co with 15.98%, and Datuk Seri Kalimullah Masheerul Hassan with 14.70%. Kalimullah is the group's co-founder and non-executive non-independent chairman.

The group's co-founder and non-executive non-independent deputy chairman Lim Kian Onn, meanwhile, holds a 13.81% stake.

ECM Libra said that with the rejection of the latest extension bid, Bursa Securities may take action, including imposing a penalty, against the group as provided for by the listing requirements, besides suspending trading in the group's shares.

The group said it will continue to explore possible options to rectify the shortfall.

ECM Libra's share price closed unchanged at 19 sen, giving the group a market capitalisation of RM88.79 million.