Apex Equity completes disposal of fund management business

Apex Equity completes disposal of fund management business
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KUALA LUMPUR (March 10): Apex Equity Holdings Bhd said the disposal of its indirect 43% stake in Apex Investment Services Bhd (AISB) to Clement Chew Kuan Hock, Asgari Mohd Fuad Stephens and Raevendren Ramachandran for RM5.18 million has been completed.

In a bourse filing on Thursday (March 10), Apex Equity said all the conditions precedent for the proposed disposal have been fulfilled and the balance of purchase price has been released to JF Apex Securities Bhd, a wholly-owned subsidiary of Apex Equity, on Wednesday.

In March last year, Apex Equity announced its intention to exit the fund management business via the disposal of JF Apex Securities' stake in AISB to the three purchasers. It noted that the proposed disposal is an opportunity for it to monetise its non-core investment in AISB at a reasonable consideration, given that the activity of fund management is changing drastically in the near future.

Apex Equity said then that it planned to use the proceeds from the disposal for working capital.

At 4.25pm, Apex Equity shares were down one sen or 0.93% at RM1.07, bringing the group a market capitalisation of RM228.51 million.