| General Announcement |
| Reference No: |
OL-071228-60735 |
|
|
| Company Name |
: |
ECM LIBRA AVENUE BERHAD |
| Stock Name |
: |
ECM |
| Date Announced |
: |
28/12/2008 |
|
|
| Type |
: |
Announcement |
| Subject |
: |
ECM LIBRA AVENUE BERHAD ("ELAB" OR THE "COMPANY")
Proposed change of name from "ECM Libra Avenue Berhad" to "ECM Libra Financial Group Berhad" ("Proposed Change of Name")
Proposed Amendments to the Articles of Association of the Company ("Proposed Amendments") |
|
|
| Content : |
1. INTRODUCTION
ECM Libra Avenue Securities Sdn Bhd ("ECMLAV"), on behalf of the Board of Directors of ELAB ("Board"), is pleased to announce that the Company proposes to implement the following proposals:
(i) to change the Company’s name from "ECM Libra Avenue Berhad" to "ECM Libra Financial Group Berhad";
(ii) to amend the Articles of Association of the Company ("Articles").
(The Proposed Change of Name and Proposed Amendments shall be hereinafter referred to as the "Proposals")
2. DETAILS OF THE PROPOSALS
2.1 Proposed Change of Name
The Company proposes to change its name "ECM Libra Avenue Berhad" to "ECM Libra Financial Group Berhad".
2.2 Proposed Amendments
The Proposed Amendments are being made to ensure continued compliance with regulatory requirements.
3. RATIONALE FOR THE PROPOSALS
3.1 Proposed Change of Name
The Proposed Change of Name is to better reflect the Company as the holding company of a group of integrated financial services provider.
3.2 Proposed Amendments
The Proposed Amendments is to comply with the recent enhancements issued by Bursa Malaysia Securities Berhad ("Bursa Securities") amending certain provisions of the Listing Requirements of Bursa Securities and to comply with provisions of Bank Negara Malaysia in view that the Company will be the financial holding company of ECMLAV.
4. EFFECTS OF THE PROPOSALS
The Proposed Change of Name and Proposed Amendments will not have any effect on the share capital, substantial shareholders’ shareholdings, net assets, earnings, working capital and dividend policy of the Company.
5. APPROVALS REQUIRED
The Proposals are subject to the approval of the shareholders of ELAB at an extraordinary general meeting ("EGM") to be convened.
The Proposed Change of Name is also subject to the following approvals:
(i) Bank Negara Malaysia for the use of the word "Financial Group", approval of which was received on 27 December 2007; and
(ii) Companies Commission of Malaysia.
6. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors and/or substantial shareholders of our Company and/or persons connected with them have any interest, direct or indirect, in the Proposed Change of Name and Proposed Amendments.
7. DIRECTORS’ STATEMENT
The Board after having considered all aspects of the Proposed Change of Name and Proposed Amendments is of the opinion that the Proposed Change of Name and Proposed Amendments are in the best interests of the Company.
8. CIRCULAR TO SHAREHOLDERS
The Circular to Shareholders will be despatched in due course.
This announcement is dated 28 December 2007.
|
|
|
