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.
KUALA LUMPUR (April 3): Ho Hup Construction Company Bhd (KL:HOHUP) on Thursday said its subsidiary, Ho Hup Jaya Sdn Bhd, is offloading two floors in Ho Hup Tower to its substantial shareholder Insas Bhd, for RM13 million, with the proceeds to be used to repay borrowings and for general working capital.
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, Ho Hup said in an exchange filing.
The properties were originally acquired by Ho Hup Jaya on Sept 21, 2016, from the project developer, Bukit Jalil Development Sdn Bhd. Their individual titles have yet to be issued.
The disposals, subject to the developer’s consent to be obtained within four months, will result in a loss of RM600,000.
Ho Hup executive director Datuk Wong Gian Kui, who is also a director in Insas, Premium Realty and Sensecube, has abstained from all board deliberations due to his conflict of interest in this related party transaction.
Datuk Seri Thong Kok Khee, a major shareholder of Insas, has also abstained from deliberations and voting on the transaction.
The disposals are expected to be completed by the third quarter of 2025.
Ho Hup shares closed half a sen or 2.94% lower at 16.5 sen on Thursday, valuing the company at RM85.51 million.
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Source: EdgeProp.my
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