KUALA LUMPUR (May 22): Fun Sheung Development Ltd — the single largest shareholder in Apex Equity Holdings Bhd with a stake of 15.78% — has submitted a notice of resolutions to nominate three directors to the company’s board.

The nomination of three directors — namely Quintin Jeyaraj Vello, Lim Tian Huat, and Hong Kim Heong — will be tabled at its upcoming annual general meeting (AGM) to be held on June 19, according to Fun Sheung Development’s statement on Monday (May 22). The trio are Malaysians.

Quintin, aged 50, is an advocate and solicitor admitted to the High Court of Malaysia in 1997. He is currently a director of Fun Sheung Development and Yenson Investment Ltd. He also sits on the board of Anglo Eastern Plantations (M) Sdn Bhd as a non-executive director.

Lim is a fellow of Association of Chartered Certified Accountants and a member of the Malaysian Institute of Accountants (MIA) and Malaysian Certified Public Accountants. The 68-year-old is the founding president and member of Insolvency Practitioner Association of Malaysia.

He is a senior independent non-executive director of Anglo Eastern Plantations PLC (quoted in London Stocks Exchange) and an independent non-executive director of DUET Acquisition Corp (quoted in Nasdaq). He also sits on the board of Majuperak Holdings Berhad, Plus Malaysia Bhd and Pacific & Orient Insurance Co Bhd.

Meanwhile, Hong, 52, is an associate member of the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA).

Vello said the nomination of three directors on Apex’s board is to address concerns related to the company’s operations, ongoing material litigation cases, and perceived lack of definitive growth direction.

“Our intention in proposing the nomination of new directors is to address these issues and to guide the management and chart strategic growth plans for Apex with the objective of ensuring long term success of the company,” said Quintin.

Lim highlighted that the initiative to propose new directors is not intended to be hostile but rather a proactive measure to bring success to Apex.

“We believe we can assist in enhancing the governance structure of the company and reinforce its commitment to responsible and transparent leadership. The proposed directors will bring with us a wealth of knowledge, expertise, and fresh perspectives to the boardroom, with the goal for the board to make informed decisions that align with the best interests of the company and its shareholders.

“We encourage all shareholders to carefully consider the proposed resolutions and participate actively in the upcoming AGM,” he added.

Fun Sheung Development and Yenson Investments are reportedly to be linked to the late Lim Siew Kim — daughter of the late patriarch of the Genting Group, Tan Sri Lim Goh Tong — who married Dick Chan Teik Huat.

Teik Huat is the late elder brother of Apex's late founder, Chan Guan Seng.

Concrete Parade Sdn Bhd — which is controlled by Lim Beng Guan, the co-founder of corporate finance firm ZJ Advisory Sdn Bhd — is the second-largest shareholder of Apex with an 8.68% stake.

Recently, a few names have popped up in the latest top 30 largest shareholders’ list of Apex. They are Hextar Group boss Datuk Eddie Ong Choo Meng (3.16%), KIP Real Estate Investment Trust (KIP REIT) co-founder Datuk Eric Ong Kook Liong (1.72%), and Sanichi Technology Bhd founder Datuk Seri Dr Jacky Pang Chow Huat (0.81%), who have surfaced as new shareholders, albeit not substantial ones, of Apex.

Apex’s shares closed two sen or 1.7% higher at RM1.19, giving the stockbroking firm a market capitalisation of RM250 million.

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