SC queries Ho Hup on "third force " acting-in-concert

KUALA LUMPUR: Ho Hup Construction Company Bhd on Jan 27 confirmed receiving a query from the Securities Commission (SC) with regard to a "third force" acting-in-concert, pushing the company to convene an extraordinary general meeting on Feb 4.

In a statement, the company said the SC, in its query dated Jan 13, sought information under Section 33A(4) of the SC Act 1993 and queried on the current shareholding of Low Chee & Sons Sdn Bhd, Choo Soo Har and their parties-acting-in-concert.

The SC had also asked whether there was a party or parties acting-in-concert with

Low Chee & Sons and Soo Har with regard to a purported acquisition of 51% shares in the tussle-ridden company.

The construction company is expected to hold an EGM in early February, which will see its shareholders voting on who will lead the company out of the current situation, the company said in a statement.

It was reported that the EGM was called by a group of Ho Hup shareholders led by former managing director Datuk Low Tuck Choy who had proposed to replace the majority of Ho Hup’s current board of directors at the special meeting.

According to a news reports, Low blamed the current management for coming up with a regularisation plan submitted in October last year, which he claimed was not in the best interests of minority shareholders.

He had also proposed what he called an “alternative” regularisation plan to revive the PN17 company.

In a surprise move, Ho Hup had on Jan 22 announced a revision to its original regularisation plan and applied to the stock exchange for a three-month extension from Feb 4 to submit the revised regularisation scheme.

The company is also expected to brief shareholders on the revised scheme at the EGM. – Bernama