PUTRAJAYA (Feb 26): The Federal Court today dismissed an appeal by Apex Equity Holdings Bhd and its unit JF Apex Securities Bhd, over the locus standi (legal standing) of its minority shareholders on their opposition to the merger with Mercury Securities Sdn Bhd.
This follows Federal Court judge Datuk Vernon Ong Lam Kiat dismissing their appeal for leave to pose several questions of law to the apex court regarding Section 360 of the Capital Markets and Services Act on the powers of court to make certain orders. The question surrounds the locus standi (legal standing) of the applicants in filing the originating summons. The law on locus standi is settled. I do not think the leave question has passed the threshold for the court to grant leave.
(Apex), which last week announced the disposal of four parcels of freehold land in Shah Alam for RM37 million, had initially planned a project with an estimated gross development value of RM86.5 million on the land.
The project was to involve the development of 61 units of shoplots, the company said in a filing with Bursa Malaysia today to provide additional information on the proposed disposal.
The building plan is, however, still pending the Shah Alam City Council’s (MBSA) approval. Most of the 2.39-hectare land is currently vacant except for a small plot which is currently let out to MBSA.
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