APEX EQUITY HOLDINGS BHD
KLSE (MYR): APEX (5088)
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
jc_ooi
28 posts
Posted by jc_ooi > 2012-07-20 16:35 | Report Abuse
This is from the email sent by my remiser on 16 July.
"Apex Equity: Abrewing shareholding tussle at Apex Equity may eventually lead to a hostiletakeover. It is learnt that insurance firm P&O is accumulating shares onthe open market. However it is not known if the shares are purchased fortrading purpose or to assist a substantial shareholders in the brewingshareholding battle. Speculation that a general offer is possibly on the cardsfollowing the failed bid by former executive Chan Guan Seng and former directorLew Lup Seong to seek re election to the board at the AGM late June 2012.However the board, which was then left with only two directors after the AGM,re appointed Chan executive director two days after the shareholders’meeting. Having flexed its muscles at the AGM, the faction against Chan isexpected to oust the entire board of the stockbroking firm. But if thathappens, it would mean triggering a MGO under BursaMalaysia’slisting rules.
Fun Sheung Development Ltd is the single largest shareholder of ApexEquity with a 14.96% stake. Chan, who has been at the helm of Apex for a longtime, owns direct and indirect stakes of 12.55%. The other major shareholdersof Apex include Datuk Azizian Abdul Rahman with a 3.86% stake and companiesaligned to Lim Siew Kim of Metroplex Bhd. Lim could possibly be a key figure inApex’s showdown. She is the daughter of Tan Sri Lim Goh Tong and thespouse of Dick Chan, the elder brother of Guan Seng. However Lim is said notaligned to Chan in his fight to keep control of Apex. Metroplex owns 6.3% stakein Apex Equity pledged to Arab Malaysian Credit Bhd. Apart from Metroplex, thereare other companies holding shares in Apex linked to Lim.
A block of 13.5 million of Apex shares changed hands at 0.92 each. The sharesare believed to be the block that Metroplex had pledged to Arab MalaysianCredit.
The beneficiary ofthe large block of shares is believed to be a friendly party related to Lim,considering the large discount to the market price. Sources said thefaction opposing Chan seems to be taking strategic moves to oust the board. Ifit is true that the 6.3% block is used as a launching pad to gain control ofthe company, a general offer, if it happens would be priced only at about 0.92."