Latest news with #HoHupConstructionCompanyBhd
The Star
5 days ago
- Business
- The Star
Ho Hup Construction defaults on credit facilities totalling RM45.27mil
KUALA LUMPUR: Ho Hup Construction Company Bhd has defaulted on revolving credit facilities totalling RM45.27 million, prompting a legal action by AmBank Islamic Bhd (AIB). In a Bursa Malaysia filing today, the company stated that it received a notice of demand and termination dated May 29, 2025, from Lee & Koh, acting for AIB, regarding the respective credit facilities, on June 4, 2025. It said the outstanding amount represents 13.37 per cent of Ho Hup's net assets of RM338.48 million based on audited results for the financial year ended Dec 31, 2023, and 31.97 per cent of its latest reported net assets of RM141.60 million. "The default in payment arose due to the failure of the company to pay the instalment payments on the principal and interest due to cashflow difficulties,' it said. On April 18, 2025, the company was classified as a Practice Note 17 listed issuer and is currently under the restraining order. "The company plans to engage with AIB and other creditors on a debt restructuring proposal to regularise its financial position. "The company has appointed an independent financial advisor to engage with the creditors for this purpose,' it added. - Bernama
New Straits Times
5 days ago
- Business
- New Straits Times
Ho Hup Construction default on credit facilities totalling RM45.27mil
KUALA LUMPUR: Ho Hup Construction Company Bhd has defaulted on revolving credit facilities totalling RM45.27 million, prompting a legal action by AmBank Islamic Bhd (AIB). In a Bursa Malaysia filing today, the company stated that it received a notice of demand and termination dated May 29, 2025, from Lee & Koh, acting for AIB, regarding the respective credit facilities, on June 4, 2025. It said the outstanding amount represents 13.37 per cent of Ho Hup's net assets of RM338.48 million based on audited results for the financial year ended Dec 31, 2023, and 31.97 per cent of its latest reported net assets of RM141.60 million. "The default in payment arose due to the failure of the company to pay the instalment payments on the principal and interest due to cashflow difficulties," it said. On April 18, 2025, the company was classified as a Practice Note 17 listed issuer and is currently under the restraining order. "The company plans to engage with AIB and other creditors on a debt restructuring proposal to regularise its financial position. "The company has appointed an independent financial advisor to engage with the creditors for this purpose," it added.
The Star
21-04-2025
- Business
- The Star
Ho Hup falls into PN17 status; shares tumble nearly 26%
KUALA LUMPUR: Ho Hup Construction Company Bhd has triggered the criteria pursuant to Practise Note 17 (PN17) of the Main Market listing requirements of Bursa Malaysia. In a statement, Bursa Malaysia said it would continue to monitor the progress of the construction engineering company. As of April 4, 21 companies are classified under PN17, which refers to financially distressed firms listed on the Main Market. Ho Hup closed down 25.93%, or 3.5 sen to 10 sen with 3.16 million shares traded.
