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Pitahaya concludes Pimpinan Ehsan s MGO
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S5 Systems clears the air on political links
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A corporate exercise quietly announced a week ago seems to have gotten the notice of some investors.
Pimpinan Ehsan Bhd (PEB), a company that was controlled by tycoon Tan Sri Rozali Ismail, a cash shell looking for an acquisition target, made two stock exchange filings on Feb 19.
One, that Rozali and other shareholders had sold out of the company to new parties, thereby triggering a mandatory general offer (MGO) and two, that PEB was planning to acquire solar power assets.
Since the announcement, PEB shares have almost doubled in a matter of a week.
So why the excitement?
It is likely to do with the fact that PEB is morphing into a pure play renewable energy company, a move which sits well with the global push towards environmental goals. Another reason could be the presence of seasoned corporate personality Lim Beng Guan as the new major shareholder of PEB.
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.