Published: Tuesday July 10, 2012 MYT 3:56:00 PM
Apex Equity sees 6.3% stake crossed, sharply below market price
KUALA LUMPUR: Stockbroker Apex Equity Holdings Bhd's 13.49 million shares were transacted in several off-market deals on Tuesday at 92 sen each, which was sharply below the current market price.
The shares were transacted at 92 sen, which was 35 sen or 27.5% below the current market price of RM1.27 at 3.49pm.
Stock market data showed the shares accounted for a 6.32% stake, based on its paid-up of 213.56 million units.
The share price had surged in June following developments in the boardroom.
Starbiz reported on June 29 the board of directors of Apex Equity would investigate and study the rationale behind the decision not to re-elect the chairman and independent non-executive director by certain shareholders.
The company had also said its business and operations were unaffected by the outcome of the AGM held on June 21 which saw the retirement of its chairman Chan Guan Seng and independent non-executive director Lew Lup Seong due to non-re-election by its shareholders.
The board said that there were no allegations as to any wrongdoing of whatsoever form or nature that was alleged at the AGM.
Chan was appointed a director from June 26 at an emergency board meeting held the day before as the board felt that his appointment was "currently in the best interest of the company especially to provide a firm leadership at this critical state".