Tuesday, July 24, 2012

APEX ... Jul12


A brewing shareholdingg tussle at Apex Equity may eventually lead to a hostile takeover. It is learnt that insurance firm P&O is accumulating shares on the open market. However it is not known if the shares are purchased for trading purpose or to assist a substantial shareholders in the brewing shareholding battle. Speculation that a general offer is possibly on the cards following the failed bid by former executive Chan Guan Seng and former director Lew 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 is expected to oust the entire board of the stockbroking firm. But if that happens, it would mean triggering a MGO under Bursa Malaysia ’s listing rules.

Fun Sheung Development Ltd is the single largest shareholder of Apex Equity with a 14.96% stake. Chan, who has been at the helm of Apex for a long time, owns direct and indirect stakes of 12.55%. The other major shareholders of Apex include Datuk Azizian Abdul Rahman with a 3.86% stake and companies aligned to Lim Siew Kim of Metroplex Bhd. Lim could possibly be a key figure in Apex’s showdown. She is the daughter of Tan Sri Lim Goh Tong and the spouse of Dick Chan, the elder brother of Guan Seng. However Lim is said not aligned to Chan in his fight to keep control of Apex. Metroplex owns 6.3% stake in Apex Equity pledged to Arab Malaysian Credit Bhd. Apart from Metroplex, there are 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 shares are believed to be the block that Metroplex had pledged to Arab Malaysian Credit.

The beneficiary of the large block of shares is believed to be a friendly party related to Lim, considering the large discount to the market price.  Sources said the faction opposing Chan seems to be taking strategic moves to oust the board. If it is true that the 6.3% block is used as a launching pad to gain control of the company, a general offer, if it happens would be priced only at about 0.92.

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