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Thursday, June 23, 2011

Two buy into Ecofuture ahead of suspension (Edge)

Ecofutue Bhd, which faced suspension on Thursday, June 23 after its appeal for more time to find a sponsor, saw the emergence of two substantial shareholders.

Filings with Bursa Malaysia showed Yau Kim Swee owning 22.41 million shares or 9.09% following a direct business deal on June 20.

Another filing showed Gan Heng owning 22.34 million shares or 9.07% on June 21 after acquiring the shares from the open market.

Ecofuture shares were suspended on Thursday after Bursa Malaysia Securities Bhd rejected its application for more time to find a replacement sponsor. Its then sponsor ECM Libra Investment Bank Bhd had tendered its resignation on March 10.

On June 16, the company said its application for an extension of time to appoint a sponsor made on June 6 was rejected.

However, its delisting, which would have been on June 27, was deferred after the company submitted an appeal to Bursa Malaysia Securities Bhd on June 21.

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