This article first appeared in The Edge Financial Daily on July 10, 2019

KUALA LUMPUR: The tussle continues between Apex Equity Holdings Bhd’s minority and majority shareholders, even after its unit JF Apex Securities Bhd’s merger with Mercury Securities Sdn Bhd was passed at the extraordinary general meeting (EGM) last month.

Concrete Parade Sdn Bhd is now appealing the High Court’s decision to not grant its application for an injunction against Apex’s largest shareholder, ACE Investment Bank Ltd.

“The plaintiff (Concrete Parade) is appealing to the Court of Appeal against prayer three of its originating summons wherein its injunction against ACE Investment was dismissed,” Apex Equity said in a filing with Bursa Malaysia yesterday.

Concrete Parade filed the originating summons on June 12, seeking to restrain ACE Investment from voting or exercising any of its rights attached to its shares pending ACE Investment’s compliance with the directions given by the Securities Commission Malaysia (SC).

However, the High Court, at the hearing on June 18, dismissed that prayer. As such, ACE Investment was not restrained from voting or exercising its rights.

At the EGM on June 19, the merger resolution was passed with 54.8% or 100.85 million shares voting in favour, and 45.2% or 83.19 million shares voting against.

It is said that ACE Investment and the Chan family voted for the merger, whereas Lim Siew Kim — daughter of the late tycoon Tan Sri Lim Goh Tong — and her alleged associates at Concrete Parade are said to have voted against the deal.

The SC had earlier said the exercise is only conditionally approved as the commission requires ACE Investment to fully dispose of its entire 25% stake within six months of the merger’s completion date.