KUALA LUMPUR (July 10): Apex Equity Holdings Bhd is being sued by its shareholder, Pinerains Sdn Bhd, which holds a 4.17% stake in the company as at March 29.
Pinerains is seeking a declaration that the resolution in respect of the proposed merger between JF Apex Securities Bhd and Mercury Securities Sdn Bhd as well as the private placement to be invalidated, after both resolutions were passed at the extraordinary general meeting held on June 19.
As such, Pinerains has commenced a legal action at the KL High Court against Apex Equity and its directors, JF Apex, as well as Alliance Investment Bank Bhd, collectively called the defendants.
Besides the declaration, Pinerains is also seeking damages, costs and other relief deemed just and fair by the Court, an exchange filing today showed.
It has also filed an application for an interim injunction against the defendants to restrain the implementation of the proposed JF Apex-Mercury merger as well as the private placement pending determination of the matter at full trial.
The injunction application is fixed for hearing on July 15.
In response, Apex Equity said its solicitors are of the opinion that the legal action is “without merit” and that the company will be able to defend itself successfully.
“The company will continue to take all necessary steps to ensure that the rights and interests of the company are protected,” it added.
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