KUALA LUMPUR: JF Apex Securities Bhd (JF Apex) and Mercury Securities Sdn Bhd (Mercury) today entered into an agreement to merge their stockbroking operations. Apex Equity Holdings Bhd (Apex), the parent company of JF Apex, said Mercury had agreed to transfer its entire business comprising stockbroking and corporate advisory, together with the requisite business assets and business liabilities, into JF Apex for RM140mil. Apex will settle the rest of the payment to Mercury, amounting to RM92mil, by issuing 100 million new Apex shares at 92 sen each. After the merger, Mercury will end up with about 31% equity interest of Apex's enlarged share capital (excluding treasury shares). The obligation of Apex, JF Apex and Mercury to complete the business transfer is conditional on the completion of several conditions precedent being fulfilled within four months from today's signing.

Source: The Star December 18, 2018 12:45 UTC