Apex gets green light

THIS week’s outcome of Apex Equity Holdings Bhd ’s EGM has put the stockbroking company one step closer to ending a tussle that began back in 2017.

That was soon after the late Chan Guan Seng and the current non-independent, non-executive director Datuk Azizan Abd Rahman sold their blocks of shares to ACE Investment Bank.

The entry of ACE, which bought a 25.01% block at around RM101.36mil (approximately RM2 per Apex share) had sparked a number of developments that has led to a series of legal cases as well as some sanctions by the Securities Commission (SC).

This week, 54.8% of Apex shareholders voted in favour of the merger with Mercury Securities Sdn Bhd. It shows that as many as 45.2% present and voting shareholders dissented.

This group is likely led by Lim Siew Kim - the daughter the late Genting Group tycoon Tan Sri Lim Goh Tong and the sister-in-law of the late Chan - and Lim Beng Guan and others associated with them.

Siew Kim is said to hold a significant stake in Apex, together with companies aligned to her.

She holds 2.79% personally. Pinerains Sdn Bhd and Cergas Megah (M) Sdn Bhd - said to be companies linked to Siew Kim - hold 4.39% and 3.73% respectively.

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