PRG served with RM21.22 mil statutory demand from shareholder Ng Yan Cheng

PETALING JAYA (July 2): PRG Holdings Bhd has received a statutory demand under Section 466(1)(a) of the Companies Act 2016 for RM21.22 million from shareholder Ng Yan Cheng in relation to advances provided to the company.

The board in a Bursa filing said PRG had received the statutory demand on June 30, 2026, from Messrs Yap Siew Yee & Co, acting on behalf of Ng, who holds 16.39% of the company’s issued shares as at the date of the announcement.

Through his solicitors, Ng has demanded payment of RM21,219,000, being advances stated in the statutory demand to be due and owing to him, within 21 days from the date of the statutory demand.

PRG said the statutory demand is not expected to have any immediate impact on the day‑to‑day operations of the group.

The company said that if the amount is not paid, secured or compounded to Ng’s satisfaction within 21 days from receipt of the statutory demand, Ng may commence winding‑up proceedings against PRG pursuant to Section 466(1)(a) of the Companies Act 2016.

PRG said the demanded sum relates to advances previously provided by Ng as working capital and has already been recognised in the company’s financial statements under amounts owing to a shareholder.

The company stated that the statutory demand is not expected to result in material additional financial losses beyond liabilities already recognised, although additional legal and professional fees may be incurred in connection with resolving the matter.

PRG said it is seeking legal advice and engaging with Ng with a view to resolving the matter amicably.

The company said it will make further announcements on any material developments relating to the statutory demand as and when required.

..........

Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!