Apex Equity shareholders raise concerns
Stephanie Jacob | 12 Oct 2018 00:30
Apex Equity Holdings Bhd’s recent decision to seek court validation for previous share buyback exercises has put the company at odds with a number of its shareholders. On Sept 26, the High Court granted its application to validate share buyback exercises between 2005 and 2017.
The group of concerned shareholders tell FocusM they believe the company’s move to seek the High Court validation goes against their wishes which they say were clearly expressed via their votes at the company’s last annual general meeting.
The financial services player owns JF Apex Securities, which offers stock broking services.
At Apex Equity’s AGM on May 28 shareholders voted against an ordinary resolution for the proposed renewal of authority for the share buyback, 71.6% to 28.3%.
On Aug 1, however, the company told Bursa Malaysia that it was seeking a validation order from the High Court to regularise its previous share buyback exercises. This is because, it explained, the share buybacks between 2005 and 2017 were “questionable.”
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