Ho Hup plans to exit PN17 status early

by **Cals** Mon 30 Dec 2013, 21:23

Business & Markets 2013

Written by Jeffrey Tan of theedgemalaysia.com

Monday, 30 December 2013 18:25

KUALA LUMPUR (Dec 30): Ho Hup Construction Company Bhd said it plans to exit its PN17 status earlier, held since 2008, via an application for an early uplift after achieving five consecutive quarters of profit.

Under Bursa Malaysia’s guidelines, a company can apply to lift its PN17 status following two consecutive quarters of operational profit after completion of its financial regularisation scheme.

In a statement today, the construction firm said tomorrow will see the completion of its financial regularisation exercise (PRE) and corporate turnaround, an effort which began in March, 2010.

Ho Hup’s executive director Derek Wong Kit Leong said: “With a healthy and clean balance sheet now after the exercise, Ho Hup is poised to take on new projects.”

“Our flagship Bukit Jalil Development continues to roll out its Aurora Place and the balance of 10 acre property development projects over the next two to three years.”

The statement said Ho Hup's PRE comprised irredeemable convertible preference shares (ICPS) and warrants and redeemable convertible preference shares (RCPS) that are to be listed on Bursa Malaysia tomorrow.

These are the 102 million ICPS and 51 million warrants that were issued free with the ICPS and 133.56 million RCPS that were issued to settle debts owing to unsecured creditors.

It added, with the completion of the PRE, Ho Hup has a paid-up capital of RM51 million, comprising 102 million shares of 50 sen each, after having undergone a capital reduction.