Ho Hup seeks court order to formulate scheme of arrangement
Ho Hup said details of the scheme of arrangement will be announced later.
Ho Hup said details of the scheme of arrangement will be announced later.
Of the West Coast Expressway’s 11 sections, eight have been completed and begun operations — the most recent being Section 2, which commenced in January this year.
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.
Cheng Kiat, 77, established Bina Puri in 1975 and has served on its board since Nov 5, 1990.
The projects involve two serviced apartment blocks, which are a 43-storey tower with 848 units (Plot 1) and a 41-storey tower with 735 units (Plot 2).
The contract involves the construction of residential units across two phases.
The contract was awarded to Ageson Kensetsu Sdn Bhd, a wholly-owned subsidiary of TXCD, by Vestland Resources Sdn Bhd.
It said the tender encompasses the construction of a new terminal and renovation works for the existing terminal building, inclusive of local infrastructure works, building services, and interior design enhancements.
Fajarbaru said the work is scheduled to begin on April 11 and will span nine months, with completion expected by Jan 10, 2026.
The proposed disposal is expected to generate a gain of approximately RM554,000 for the construction firm, which will be recognised as part of its financial results.