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Thursday, June 27, 2013

Ho Hup eyes PN17 exit by October, profitability (Star)

Ho Hup Construction Co Bhd aims to wrap up its ongoing regularisation exercise and exit PN17 by September or October. The company is also expected to return to profitability this year.

Executive director Derek Wong said on Thursday Ho Hup's regularisation was almost complete, with only a few milestones, such as negotiations with creditors, left to be finalised.

"We think our debtors will agree to the settlement. It's a good deal. They don't have to take a haircut and are getting cash and shares," he told journalists following a shareholders meeting.

Wong added that based on the firm's year-to-date earnings, he sees Ho Hup turning profitable this year after five years of losses.

"Our agreement with Malton to co-develop the land in Bukit Jalil is key to this," he said.

Ho Hup had received Bursa Malaysia's approval for its regularisation plan on May 13.

It will apply to be uplifted from PN17 once it has showed two consecutive quarters of profits upon completion of the regularisation.

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