Disgruntled Ho Hup shareholders call for EGM on March 17

KUALA LUMPUR: Disgruntled shareholders of Ho Hup Construction Co. Bhd has requistioned for an EGM to be held on March 17 to seek the removal of seven directors, after the first EGM, which was to have been held on Feb 4, was cancelled.

Ho Hup said on Thursday, Feb 11 it has received a letter from Low Chee & Sons Sdn Bhd and Choo Soo Har @ Choo Kam Cheong requisitioning for the EGM which is to be held at a hotel in Kuala Lumpur.

The EGM is to seek the removal of current Ho Hup deputy chairman Datuk Lye Ek Seang, Lim Ching Choy, Datuk Liew Lee Leong, Lai Moo Chan, Long Md. Nor Amran Long Ibrahim, Mohd Shahril Hamzah and Foo Ton Hin.

Low Chee & Sons Sdn Bhd and Choo want to appoint Tan Sri Kamaruzzaman Shariff, Hew Thin Chay, Yusob Md Tasir, D. Felix Dorairaj, Slamat Hamzah and Chow Seck Kai as directors.

The Feb 4 EGM was cancelled at the 11th hour after Extreme System Sdn Bhd which holds 27.95% stake, had obtained a court injunction to stop the meeting. Extreme System is believed to be the vehicle of the wife of Datuk Vincent Lye Ek Seang.

Ho Hup’s former managing director Datuk Low Tuck Choy is challenging its existing board.

Low had then said the court had granted the injunction based on Extreme System’s requests that 29 parties, including Low Chee & Sons Sdn Bhd (LCS) were acting in concert with Low, insufficient notice for the EGM and that if the resolutions were to be passed, it would impede its current investigation of alleged wrongdoings in the company.

Low controls some 25.22% of Ho Hup, through his personal stake of 2.56% and Low Chee & Sons’, based on latest filings.
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