Aug 12, 2006

Khairy Jamaluddin Sells Entire Stake In ECM Libra Avenue

The famous son-in-law, Khairy Jamaluddin is up to something.

** Link : Khairy - It's all because of Ibrahim Ali and Dollah Kok Lanas

Extracted from BERNAMA

KUALA LUMPUR, Aug 12 (Bernama) -- Umno Youth deputy head Khairy Jamaluddin has sold his entire stake of 10.2 million shares representing 1.23 per cent of ECM Libra Avenue Bhd, an investment and stockbroking-based company, it was announced Saturday.

Khairy sold his shares for 65 sen a share yesterday. He had bought them at 71 sen a share in December last year.

ECM Libra Avenue chairman Datuk Kalimullah Hassan Masheerul Hassan has also reduced his stake in the company to 40 million shares or 4.8 per cent in the company and is now no longer deemed a substantial shareholder, The Edge business weekly reported.

Kalimullah, one of the founders of the company, also made the decision to sell yesterday and disposed of 16.26 million shares, also at 65 sen a share.

The 26,467,220 shares belonging to Khairy and Kalimullah were bought by Hikkaya Jaya Sdn Bhd, a subsidiary of AmcorpGroup Bhd, for RM17.2 million in total.

AmcorpGroup now holds about 61,534,284 shares or 7.41 per cent of ECM Libra Avenue through various subsidiaries.

Another founder of ECM Libra Avenue, chief operating officer David Chua, sold his entire stake of 56.26 million shares to a foreign fund management company on Thursday at 57 sen per share.

However, co-chief executive officer Lim Kian Onn, also a founder of the company, will stay on as a substantial shareholder.

Kalimullah told The Edge that he decided to sell and reduce his shareholding to protect the interest of the company and its shareholders.

The company started out as ECM Libra in 2002 and became a listed entity on Bursa Malaysia when it made a reverse takeover of South Peninsular Industries Bhd to become ECM Libra Capital.

Earlier this year, ECM Libra Capital merged with Avenue Capital Resources Bhd to become ECM Libra Avenue.

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