[1] The plaintiff is a shareholder in Apex Equity Holdings Berhad ("Apex Equity"), the first defendant. It brought an action against the defendants for minority oppression under s 346 of the Companies Act 2016 . The complaint of oppression and unfair discrimination emanated from two discrete sets of transactions. The first related to certain share buy-back transactions that had been conducted by Apex Equity between 205 and 2017. The second was the proposed merger of the stockbroking business of a subsidiary of Apex Equity, JF Apex Securities Berhad (the second defendant, which is referred to here as "JF Apex") with the business of Mercury Securities Sdn Bhd ("Mercury").

[2] Apex Equity is a publicly listed company. JF Apex is the holder of a licence issued under the Capital Markets and Services Act 2007.

[3] Apex Equity and JF Apex entered into a Business Merger Agreement with Mercury on 18 December 2018. Under the terms of this agreement, Mercury was