HO HUP CONSTRUCTION COMPANY BERHAD (Ho Hup or the Company)
- WINDING-UP PETITION SERVED ON BUKIT JALIL DEVELOPMENT SDN. BHD., A MAJOR
SUBSIDIARY OF THE COMPANY, BY SUM TECK KWAI @ SIM TECK HWA AND SUM CHUN YEONG
The Board of Directors of Ho Hup wishes to announce that a winding-up petition
has been served on Bukit Jalil Development Sdn. Bhd. (BJD), a major subsidiary
of the Company, by Sum Teck Kwai @ Sim Teck Hwa and Sum Chun Yeong
("Petitioners") and the details of the said winding-up petition are as
follows:-
(1) Date of presentation of the winding-up petition and the date of winding-up
petition served on BJD
The winding-up petition dated 5 May 2009 was served on BJD on 25 May 2009 and
the winding-up petition was presented to the High Court at Kuala Lumpur on 5
May 2009. The winding-up petition shall be heard at the High Court at Kuala
Lumpur on 30 July 2009.
(2) The amount claimed for and the interest rate
The total amounts claimed by the Petitioners against BJD are as follows:-
(a) Principal sum of RM51,109.92 together with interest of RM7,639.88 from 9
May 2007 to 20 March 2009; and
(b) Cost of RM1,329.00.
(3) The total cost of investment in BJD
The Companys cost of investment in BJD is RM10.5 million.
(4) Default or circumstances leading to the filing of the winding-up petition
against BJD
The winding-up petition was filed arising from liquidated ascertained damages
in connection with the delayed completion and handover of the two-storey shop
house to the Petitioners as Purchaser.
(5) Financial and operational impact on the Group
The Company is taking steps to settle the matter before the hearing of the
winding-up petition on 30 July 2009. The Directors of the Company do not
envisage the impact of settlement on the Group, financially or operationally,
to be significant.
(6) The expected losses, if any, arising from the winding-up petition
The Group is not expected to incur any further losses as the amounts claimed
has been provided for in the accounts.
