KUALA LUMPUR (July 18): ECM Libra Group Bhd deputy chairman Datuk Lim Kian Onn, together with people acting in concert with him, managed to secure 41.91% in ECM Libra at the close of the mandatory general offer on Monday for shares they do not own in the group.

In a filing with Bursa Malaysia, ECM Libra said as of market close on Monday, Lim and the PAC held in aggregate 201.14 million shares in the group.

“Accordingly, the offer has lapsed and ceased to be capable of further acceptances and all acceptances shall be returned to the accepting holders, and the offeror will thereafter cease to be bound by any such prior acceptances of the offer,” the filing read.

The MGO, which was triggered after Lim bought 19.2 million shares or a 4.0% stake in ECM from Tune Group Sdn Bhd for RM4.2 million in May, is conditional upon the offeror receiving valid acceptances that resulted in him controlling over 50% of the shareholding.

Earlier this month, the independent adviser for the MGO told ECM Libra shareholders to reject the takeover bid, as it is deemed “not fair” and “not reasonable”. 

DWA Advisory had noted that the offer price of 22 sen per share represented a discount of 37.14% to the estimated value of the group’s shares of 35 sen based on revalued net asset value.

It also noted that the takeover offer is not reasonable, as ECM Libra shares will remain tradable on Bursa Malaysia and shareholders will still have the opportunity to realise their investment in the shares in the open market after the closing date.

Lim had intended to maintain the listing status of ECM Libra when the MGO was made.

ECM Libra shares closed unchanged at 22 sen on Monday, valuing the group at 105.58 million.