KUALA LUMPUR (July 5): Apex Equity Holdings Bhd announced the retirement of Datuk Celine Leong Wai Leng as its executive director (ED) with immediate effect, less than three weeks after the 54-year-old was re-elected, albeit with opposition from certain substantial shareholders.

The Kajang-based stockbroking firm made the announcement to Bursa Malaysia on Wednesday (July 5), which came on the heels of its Monday announcement that it had appointed former Export-Import Bank of Malaysia Bhd CEO Norzilah Mohammed, 58, as its new ED.

Leong was appointed to Apex’s board in June last year as group deputy managing director and subsequently redesignated to group ED in December, when the group appointed Farhash Wafa Salvador as executive chairman.

Her appointment into the board was made on the same day (June 20, 2022) as another ED Lim Kok Eng, independent non-executive directors Woon Wai En, Rozana Shamsuddin, and Datuk Ahmad Redza Abdullah.

Leong was formerly group director of finance treasury at ACE Group, which was the substantial shareholder in Apex through ACE Investment Bank Ltd (September 2017-July 2019) and ACE Credit (M) Sdn Bhd (July 2019- December 2022).

She was among five Apex board members offered for re-election in the group’s annual general meeting last month and managed to garner 55% support. The others who were re-elected are Farhash, Lim, Woon and Rozana.

The remaining shareholders, representing 45% of voted shares, were against re-electing them.

During the group’s AGM, Farhash was absent and Leong was nominated to assume the responsibility of chairing the shareholders’ meeting.

Shares of Apex Equity dropped two sen or 1.8% to RM1.11, giving it a market capitalisation of RM237.06 million.

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