KAJANG (Nov 18): As expected by many, shareholders of locally listed Apex Equity Holdings Bhd have reaffirmed their approval of the merger between its Kajang-based stockbroking unit JF Apex Securities Bhd and Mercury Securities Sdn Bhd, after an earlier vote had previously been invalidated.

At Apex Equity's extraordinary general meeting (EGM) today, the merger resolution was passed with shareholders and proxies attending the meeting holding 55.32% voting in favour.

Meanwhile, the remaining 44.68% voted against.

Based on the polling results, ACE Investment Bank Ltd and the Chan family are believed to have voted for the merger, whereas Lim Siew Kim — daughter of the late Tan Sri Lim Goh Tong — and her alleged associates are believed to have voted against the deal.

Under the business merger agreement signed last year, Apex Equity will take over Mercury Securities' stockbroking, corporate advisory and other related businesses for RM140 million, transferring the businesses to JF Apex.

To recap, a resolution on the merger had been tabled at Apex Equity's first EGM on June 19, with shareholders holding 54.8%, or 100.85 million shares, voting in favour, while the remaining 45.2%, with 83.19 million shares, voted against.

However, the resolution was invalidated by the High Court on Sept 18, following the intervention of Pinerains — a minority shareholder of Apex Equity with a 4.17% stake — against a vesting order application by Apex Equity to proceed with the merger.

The decision by High Court judge Azizul Azmi Adnan was made on the grounds that the circular to shareholders on the proposed merger was opaque.

Last week, Pinerains made a failed attempt to adjourn the second EGM, as the court had dismissed its notice of application with costs of RM10,000 awarded to Apex Equity.