26 Mar 2024
1. ) DATO' AZIZAN BIN ABD RAHMAN 2. ) LEE CHEOW FUI 3. ) CHITRA A/P GANESALINGAM 1. ) Concrete Parade Sdn. Bhd. 2. ) APEX EQUITY HOLDINGS BERHAD 3. ) JF Apex Securities Berhad 4. ) CHOONG CHEE MENG 5. ) ZULAZMAN BIN ZULKIFLI 6. ) MERCURY SE
- Citation
- 02(f)-77-08/2022(W) (Mahkamah Persekutuan)
- Court
- f
- Case number
- 02(f)-77-08/2022(W) (Mahkamah Persekutuan)
Section 85 pre-emptive rights are statutory but expressly subject to the company constitution; shareholders may validly disapply those rights at a general meeting and conditional subscription agreements that are subject to shareholder approval do not, by themselves, breach s85. Section 223(1)(b)(i) and (ii) are alternative mechanisms (disjunctive): directors may enter agreements made 'subject to' shareholder approval or obtain shareholder approval before carrying the transaction into effect; it is unnecessary to obtain approval at both entry and completion. The share buy-back transactions wer…