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Insas buys 2.38m Ho Hup shares, ups stake to 7.8%

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Insas buys 2.38m Ho Hup shares, ups stake to 7.8% Empty Insas buys 2.38m Ho Hup shares, ups stake to 7.8%

Post by Cals Tue 15 Oct 2013, 08:46

Insas buys 2.38m Ho Hup shares, ups stake to 7.8%
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com   
Monday, 14 October 2013 18:35
KUALA LUMPUR (Oct 14): Ho Hup Construction Company Bhd announced that its substantial shareholder Datuk Thong Kok Khee had on Oct 9, Oct 10 and Oct 11 bought some 2.38 million shares in the company.

These purchases, via Insas Bhd, helped to raise Thong’s indirect stake in Ho Hup to 7.82% (equivalent to 7.978 million shares).

Last week, the financially-stressed construction company announced that its lengthy restructuring was nearly over and exit from PN17 status was in sight.

Its executive director, Derek Wong Kit-Leong, told reporters creditors and shareholders had approved a proposed restructuring exercise involving a capital reduction, a rights issue of loan stocks with free detachable warrants and a scheme to pay its creditors.

The corporate exercise is expected to be completed by the end of November and Ho Hup plans to apply to Bursa Malaysia to have the PN17 status lifted.

Ho Hup has had five quarters of continuous profit already
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