Thursday 28 Mar 2024
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KAJANG (June 19): Shareholders of Apex Equity Holdings Bhd have given the green light for the proposed merger between its wholly-owned unit JF Apex Securities Bhd and Mercury Securities Sdn Bhd.

Nonetheless, shareholders seem to be divided in their views on the proposed merger deal. The proposed merger resolution was passed with only 54.8% majority, not unanimously.

Also, the same number of votes supported the proposed private placement of 20 million new Apex shares, representing approximately 6.2% of its enlarged issued share capital, as well as the other resolutions from the annual general meeting (AGM).

Speaking to reporters after its AGM and extraordinary general meeting (EGM) here today, Apex non-independent non-executive director Datuk Azizan Abd Rahman said the company will now proceed in getting the vesting order from the High Court of Malaya within the next two months.

The proposals are expected to be completed by early September 2019.

However, Azizan noted that the second EGM pertaining to the adoption of a new constitution was not carried out, as the company needed at least 75% voting in favour to carry out the resolution.

"The EGM is to adopt a new constitution. This is required under the listing requirement and it has to be done on or before the end of the year," said Azizan, adding that Apex has until the end of the year to regularise.

"We will be taking certain measures to ensure that it will be regularised as required and we will make the necessary announcement in due course.

"We do not see why the objection was raised and because it is necessitated by the law, we didn't expect the motion to not be carried through because there is nothing extraordinary in the amendments that we suggested. It is a simple constitution required by law and most listed companies are amending their constitution... and there were no questions from the floor," he added.

"But we know that there are major blocks of shareholders that does not agree with this," said Azizan.

He noted that Bursa Malaysia has requested all public listed companies to adopt the new constitution by end-2019.

It is interesting to note that the company is now in the midst of a legal case with 18 defendants, including its substantial shareholder Lim Siew Kim — daughter of late Tan Sri Lim Goh Tong — for allegedly acting in concert to obtain control of the company and breaching capital market rules in doing so.

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