KUALA LUMPUR: ECM Libra Group Bhd
’s deputy chairman Datuk Lim Kian Onn, who launched a conditional mandatory general offer (MGO) in May 2022, has failed in his takeover bid of the company.
As at 5 pm on July 18, the offeror and persons acting in concert (PACs) hold in aggregate 201.14 million shares or a 41.91% stake in the ECM Libra.
“The offeror did not receive valid acceptances of the offer Shares which would result in the offeror and PACs holding in aggregate more than 50% of the voting shares in ECM Libra.
“As such, the acceptance condition has not been fulfilled,” Mercury Securities Sdn Bhd said in a statement.
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