KUALA LUMPUR: The board of Ho Hup Construction Company Bhd will meet with Malton Bhd on Tuesday, March 30, to discuss the proposed joint-development agreement (JDA) between its subsidiaries.
Speaking to reporters after Ho Hup's extraordinary general meeting (EGM) here on Monday, March 29, director Hew Thin Chay said the board understood that negotiations between the former board and Malton's subsidiary Pioneer Haven Sdn Bhd had been ongoing for about a year.
"We don't know yet whether the deal will proceed or not, but we need to decide on what is best for the company," he said, adding that the new board has yet to see any feasibility study on the project.
Hew added there was a delay in the submission of Ho Hup's regularisation plans to Bursa Securities and the Securities Commission as the previous regularisation plans had taken into account the 60 acres of land, which was now tied to the agreement between Ho Hup's subsidiary Bukit Jalil Development Sdn Bhd (BJD) and Pioneer Haven.
At the EGM called for shareholders to vote on the proposed disposal of a 10.9-acre piece of land in Kuala Lumpur to Permata Juang (M) Sdn Bhd, Hew said shareholders voted in favour of the disposal by a show of hands.
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