News about Ho Hup

Ho Hup said the proposed scheme of arrangement will be detailed in an explanatory statement and put to a vote at a court-convened creditors’ meeting, where it must secure approval from at least 75% in value of those voting.

Datin Chan Bee Leng is the wife of Datuk Low Tuck Choy, the son of the founder of Ho Hup, who ceased to be a substantial shareholder of the company on Oct 22, 2025.

This came after the Low family vehicle, Low Chee Group Sdn Bhd, disposed of its entire 22.

The rationale behind the proposed resolutions was not disclosed in the notice.

Ho Hup slipped into Practice Note 17 (PN17) status in April after BJD defaulted on RM112.

Ho Hup said the total outstanding under the facilities represents 13.

Ho Hup said details of the scheme of arrangement will be announced later.

The construction company said it received a demand notice from Insas Credit & Leasing Sdn Bhd over Ho Hup’s role as guarantor for its wholly-owned subsidiary Bukit Jalil Development Sdn Bhd, which failed to repay the outstanding loan amount.

The contractor, Geopancar Sdn Bhd, had initiated the adjudication to claim payments for substructure works for a project known as Flex @ Bukit Jalil City, undertaken by Ho Hup's wholly-owned unit Bukit Jalil Development Sdn Bhd (BJD).

The properties, located on levels five and six of Ho Hup Tower in Plaza Bukit Jalil, are being sold to Premium Realty Sdn Bhd and Sensecube Sdn Bhd respectively, both of which are wholly owned units of Insas.