KUALA LUMPUR (July 31): Pinerains Sdn Bhd, which owns a 4.17% stake in Apex Equity Holdings Bhd, has been allowed by the High Court to transfer its suit against Apex Equity and six others to a court presided by another judge.

This is the judge that is hearing the Concrete Parade Sdn Bhd suit against Apex Equity, as well as the application by JF Apex Securities Bhd and Mercury Securities Sdn Bhd to get a vesting order.

Judicial Commissioner Datuk Ahmad Fairuz Zainol Abidin granted the order sought by Pinerains to transfer the case to the High Court presided by Judge Azizul Azmi Adnan.

He did not allow for an oral application by the defendants for a stay of proceedings, and directed parties to file a written appeal.

Besides Apex Equity, Pinerains has also named Alliance Investment Bank Bhd, Apex Equity director and chairman of the nomination committee Lee Cheow Fui, director G Chithra, non-independent and non-executive director Datuk Azizan Abdul Rahman, fellow director Choong Chee Meng and JF Apex Securities Sdn Bhd as defendants.

Pinerains filed the suit on July 5, claiming that the circular issued was misleading for the proposed merger between Apex's subsidiary JF Apex Securities and Mercury Securities.

The case later proceeded before Justice Azizul where the court fixed Aug 15 for case management.

The judge also fixed next Monday (Aug 5) for possible decision on consolidating the two prior matters before him, namely the Concrete Parade vs Apex Equity and 15 others, and the JF Apex Securities and Mercury Securities matters.

The judge asked the parties involved to file their written submissions by this Friday.

It was reported last May 15 that Concrete Parade failed to change its mode of legal action from an originating summons to a writ.

Concrete Parade, which is said to own 4.93% in Apex Equity, had sought to change the mode of commencing its case on the grounds that there is substantial dispute of facts and witnesses may have to be called to give oral testimonies and cross-examined where else (An originating summons is not the proper mode to initiate action where there is a dispute of facts and witnesses have to be called.)

The company is suing Apex Equity over its proposed merger with Mercury Securities and several corporate exercises, including share buy-backs, in the past.

Besides Apex Equity, Concrete Parade named 15 others as defendants including Apex's board of directors, its wholly-owned subsidiary JF Apex Securities Bhd, Mercury Securities and seven individuals.

Concrete Parade is seeking a declaration that the Heads of Agreement signed between Apex and Mercury Securities on Sept 21, 2018, and a business merger agreement signed between Apex by JF Apex and Mercury Securities on Dec 18, 2018, were unlawful and void. Concrete Parade is also seeking a declaration that all share buy-back transactions it carried out were null and void.

Lim Beng Guan, the co-founder of ZJ Advisory Sdn Bhd, is the majority shareholder of Concrete Parade with a 95% stake.