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Wednesday, December 30, 2009

Ho Hup appoints valuer for sale of land parcels

PETALING JAYA: Ho Hup Construction Co Bhd said it had instructed an independent firm to conduct a valuation of the parcels of land it planned to dispose.

In a filing with Bursa Malaysia, the company said the market value for the first plot of land in Balakong was valued at RM30 per sq ft while the parcel of land at Bukit Jalil was valued at RM50 per sq ft.

“With the disposal of the (two pieces of ) land, Ho Hup is expected to realise an estimated gain of RM9mil after deducting estimated expenses in relation to the proposed disposals,” it said, adding that this would help the company pay a portion of its existing bank borrowings and for working capital purposes.

It was reported that there was a growing rift between the company’s management and a major shareholder over the valuation of the two plots of land.

On the platter are two resolutions to be put to the vote at the group’s EGM on Dec 31 for the disposals of the two parcels of land.

The first resolution at the EGM was for the disposal of a piece of land in Balakong for RM7.2mil while the second resolution is for the sale of a land in Bukit Jalil to raise RM5.7mil.

By The Star

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