PETALING JAYA: The Securities Commission Malaysia (SC) has approved ECM Libra Financial Group Bhd’s proposed disposal of its fund management arm Libra Invest Bhd to Kenanga Investors Bhd (KIB).
The approval is subject to the condition that the proposed change of shareholder will not adversely affect the soundness of Libra Invest’s business and the interest of Libra Invest’s clients.
KIB, the asset management subsidiary of Kenanga Investment Bank Bhd (Kenanga IB), is acquiring 100% equity stake in Libra Invest for a provisional purchase consideration of RM50.1 million.
The final purchase consideration will be based on the net asset value of Libra Invest on the last day of the month preceding completion date and a premium of RM35 million.
Last week, Bank Negara Malaysia approved the proposed acquisition.
