Thursday 20 Jun 2024
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KUALA LUMPUR (Feb 17): One of the smaller brokerages in a highly competitive stockbroking industry, the boardroom and shareholding changes in Apex Equity Holdings Bhd in the last five years have grossly overshadowed its history, where it displayed tenacity to remain in business even in the worst of times.

Established in 1990, Apex Equity, which owns Apex Securities Bhd (formerly known as JF Apex Securities Bhd), came out stronger from the 1998 stock market meltdown that saw many brokerages go bust. This was despite its shareholdings split into two factions — one headed by the late Chan Guan Seng and the other by the late Lim Siew Kim.

There was a time in June 2012 when a motion to re-elect Chan, who was the executive chairman, did not go through, as it was voted down by shareholders holding 44% of Apex Equity. His ouster lasted less than a week before he was reappointed by the board.

From then on, he remained as the executive chairman until his resignation in September 2017, when he disposed of his shares to ACE Group, after leading the niche broker for 36 years.

When ACE Credit (M) Sdn Bhd, a subsidiary of ACE Group, emerged as a major shareholder of Apex Equity with a 23.73% stake, problems at Apex Equity started. Chan's passing in 2018 later left a leadership vacuum in the group that saw it hogging the limelight more for the various boardroom changes and legal suits it got itself entangled with than anything else.

Much has transpired at Apex Equity since then.

Now, with a new management in place, in an interview with The Edge, group executive director Datuk Zakaria Arshad addresses issues at the niche brokerage firm.  

Read the story in the latest issue of The Edge Malaysia weekly.

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