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Thursday, July 9, 2009

Ho Hup withdraws one of two land disposal proposals

PETALING JAYA: Ho Hup Construction Co Bhd yesterday withdrew one of two land disposal proposals tabled for approval at the company EGM, worried that the involvement of an interested party in that exercise could raise shareholders’ objection.

“We are still looking for options to sell the land, maybe via a joint venture with other partners but I think it will not be difficult. However, we need time to solve this matter,” group managing director Lim Ching Choy said yesterday after the meeting.

Lim said shareholders did not support the second land disposal plan due to conflict of interest issues.

The company had proposed to sell two plots of land in Kuala Lumpur to Santari Sdn Bhd and Permata Juang (M) Sdn Bhd (PJSB) for a total cash payment of about RM29.24 mil.

PJSB is a subsidiary of Magna Prima Bhd whose director Datuk Lye Ek Seang also sits on the board of Ho Hup.

Lim was also an executive director at Magna Prima before joining Ho Hup as group managing director.

On Ho Hup’s operations in Madagascar, Lim said the company had obtained back all the machinery confiscated by the Madagascar government following a settlement and now planned to lease them in that country for some income.

“By leasing, at least we can see some positive income to the company even though not that substantial,” he said.

Ho Hup had been involved in a legal tussle with the Madagascar government over a terminated 400km road project.

Lim said for the next six months, the company would continue to generate value from its property projects in Bukit Jalil and launch a mixed development project next year, also in Bukit Jalil.

By The Star

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