【HOHUP 5169 交流专区】和合建筑

hdcyng

Ho Hup


It may jointlydevelop its 4.3ha land in Bukit Jalil after shareholders blocked a plan to sellthe piece of property.

Ho Hup wanted to sell the land to Permata Juang (M) Sdn Bhd, a unit of MagnaPrima Bhd, in a related party transaction for RM19.4 million. The freehold landin Bandar Bukit Jalil cost Ho Hup RM11.82 million, and a sale would havebrought in a gain of RM7.58 million.


Ho Hup, bleedingred ink since 2006, had proposed the sale to help pare down RM104.52 milliondebts.

Shareholders, however, approved another resolution to sell 2.2ha of land inBukit Jalil to Santari Sdn Bhd for RM9.8 million.


Going Forward …

In next six months, the company expects to generate revenue by asset sales aswell as developing the remaining 24ha of land it still has in Bukit Jalil. This24ha land is earmarked for a mixed development, comprising shop apartments,lifestyle piazza and office blocks and expecting to launch the development bynext year (2010). It was learnt that it is valued at RM1.6 billion.

Elsewhere, Ho Hup is also looking to build some 20 units of semi-detachedhouses in Bukit Jalil, valued at RM30 million. The project is expected to belaunched in September this year.

It will focus on its core businesses of construction, property and trading,including the rental business in Madagascar.

It is expecting property business to contribute between 70 per cent and 80 percent to the group's revenue.

Mr.Business

The Edge终于上栽这篇文章了。

Rebuilding Ho Hup         
Written by Loo Pik Kwan   
Monday, 15 June 2009 00:00

When City & Country caught up with Lim Ching Choy last week, it was at a hotel lounge as his office was under renovation. He obligingly posed for a few quick photographs  before proceeding to bare his thoughts on a new chapter of his corporate journey.

Lim was a former CEO of Mah Sing Bhd before he moved on to builder-cum-property developer Magna Prima Bhd, once loss making but which has since returned to the black. Before that, he had chalked up two decades in the banking industry.

Two weeks ago, the 48-year-old Lim reported for work at financially troubled Ho Hup Construction Co Bhd, one of the country’s oldest construction firms. As group managing director, Lim’s priority, obviously, is to turn around the PN17 company that is listed on the Main Board.

Lim aims to get the PN17 status lifted by year’s end. To do this, he is beefing up the company’s property development division, which has been tasked with taking the lead in quickly generating profit and cash flow, the lifeline of a company.

Ho Hup, which has been around for 49 years, is not without its gems. It owns a 60-acre commercial tract within the freehold Bandar Bukit Jalil township in Kuala Lumpur which, according to Lim, has a potential gross development value (GDV) of some RM1.75 billion over the next 8 to 10 years.

Planned for this site is the Jalil City development featuring 176 units of lifestyle shopoffices, a hypermarket, a lifestyle central piazza with commercial lots, 1,800 serviced apartments, a Grade A office tower and a condo hotel.

  “I am one who looks for challenges and it has certainly been exciting since I’ve started here (Ho Hup)... having a lot of meetings with bankers and the staff, basically getting into the thick of things,” says Lim of the task before him.

“I am ready to take on the challenges and there are a lot of opportunities for Ho Hup. Being an established company that is older than I am, the company has built a strong name in the construction sector with expertise in numerous fields like infrastructure and transport,” Lim tells City & Country.

He says prospective investors have shown interest in the Jalil City project, which the company plans to launch in the next six to nine months.

Ho Hup diversified into property development in 1999 —  through subsidiary Bukit Jalil Development Sdn Bhd — with the 150-acre Bandar Bukit Jalil.

Recent times have been troubling for the company. Besides being slapped with PN17 status in July last year, there had been news reports of an alleged power struggle between former managing director Datuk Low Tuck Choy and Datuk Vincent Lye Ek Seang.

Low, who was appointed Ho Hup executive director in 1984, took over as managing director a decade later upon the demise of his father and Ho Hup founder Low Chee.

Lye, according to reports, emerged as a substantial Ho Hup shareholder in September 2007 with a 5.71% stake. However, a month later, he sold down his stake.

In May last year, it was reported that his wife Datin Viannie Damit @ Undikai has emerged as a substantial shareholder after acquiring 17.54 million shares in the company via Extreme System Sdn Bhd.

As at Aug 5, 2008, Extreme System’s stake had risen to 27.95% or 28.51 million shares. Lye also has interests in quarry operator Minetech Resources Bhd and property developer Magna Prima Bhd.

Ho Hup has been in the red since FY2006, posting a net loss of RM35.1 million. For FY2008, its net loss after tax widened to RM56.2 million from RM46.2 million in FY2007. In a bid to raise working capital, the company disposed of two parcels of land in Bukit Jalil in March — a 5.5-acre site to Santari Sdn Bhd for RM9.83 million and a 10.86-acre tract to Permata Juang Sdn Bhd, a subsidiary of Magna Prima, for RM19.41 million.

The turnaround plan
Apart from property development, the group has a varied spectrum of activities such as civil engineering works, foundation engineering, oil and gas works and quarry operations.

AmMerchant has been appointed to advise on Ho Hup’s corporate restructuring exercise, which will involve a cash call.  Lim says the company is on target to be taken off the PN17 list by year’s end or by February 2010 at the latest. Details on the size of the rights issue and utilisation of the  proceeds are being worked out.

Phase one of the turnaround plan will see a streamlining of the company’s resources into three business divisions — construction; property development; and trading and ready-mix concrete business.

“We will be bringing in a new team to manage each of our core business divisions. Ultimately, to turn around the company is a joint effort of the old and new staff members who must share a common goal. We are also reassembling the old team by identifying their strengths and weaknesses, as well as to instil a quality-driven culture to run it professionally,” Lim says.

He sees the property development division, now in its infancy, eventually becoming the core earner for the group. Lim aims to grow its contribution in the next three years to 60% or 70% (from 25% in FY2008). “Property development will give us the cash flow and we will concentrate on the Jalil City development first. Apart from its freehold tenure, Bukit Jalil has become an established area over the years and is viewed as a gold mine in the southern territory in Kuala Lumpur,” he explains.

  To date, the developer has sold some RM350 million worth of properties at its Bandar Bukit Jalil development and delivered 2,170 homes. Unbilled sales amount to RM43 million while about 85 homes are currently under construction.

As for its construction unit, Ho Hup has completed projects totalling RM2.85 billion, including the North Expressway Central Link and KLIA Expressway, Petronas Twin Towers and Sabah Gas Pipeline Development Project.

The group’s ongoing job on the Trans Eastern Kedah Interland Highway is worth RM230 million. According to its 2008 annual report, the construction division contributed just under 40% to group revenue.

In future, the construction division will focus more on government contracts, particularly infrastructure and building civil works.
Phase two of the turnaround plan, says Lim, will see a rebranding and repositioning of the group’s corporate image.

The final phase will see Ho Hup moving into the development of premium projects with high GDV in the Klang Valley.

Once the company is on a stronger footing financially and has established its name as a property developer, it will then source for landbank, says Lim.

He likes niche or pocket-sized developments for sustainable growth. “I’m quite resourceful in looking for landbank,” he declares. “Give me a few years to get cash flow and once our financials are right, everything else will fall in place,” he says, adding that the group is not averse to teaming up with third parties for joint-venture developments.

Right timing
Jalil City will debut with a pre-launch of its shopoffices in the next six to nine months. The run-up will see registration of interest from the public in the next two months. It’s akin to a market survey, says Lim. “From this exercise, we can gauge our prospective buyers’ acceptance of the shops’ concept and pricing,” he adds.

The 4 to 8-storey shopoffices, measuring 26ft by 80 ft, will come with lifts and are expected to be tagged from RM2.5 million. Lim is confident there is still strong demand for such commercial-type products, which he says could provide annual yields of 6% to 7%. “In fact, the capital appreciation for shopoffices is more lucrative, depending on their location. To enhance property values, the timing has got to be right and with Bandar Bukit Jalil established over the years with an existing surrounding population, we feel the timing is right,” he adds.

Ho Hup is now in talks with several hypermarket retailers to set up shop on a 9.2-acre site in Jalil City. However, the developer has not decided whether to sell the land or to enter into a build-and-lease arrangement.

The highlight of Jalil City will be the lifestyle central piazza, with food and beverage and entertainment components. As for the office tower, Lim says Ho Hup may sell or keep it for recurring rental income.

Earlier this year, Ho Hup has started a registration exercise for the upcoming launch and final phase of the gated and guarded Jalil Sutera, comprising 20 units of 2½-storey semi-detached houses with a total GDV of RM30 million. Some 200 people have shown their interest in the project located in Bandar Bukit Jalil.

Slated to be launched in September, with construction to begin in October, the units (land area: 4,000 sq ft, built-up: 3,800 sq ft) are priced from RM1.35 million to RM1.55 million, with monthly maintenance fees from RM150.

Ho Hup first went into property development in 1999 with the launch of medium-cost apartments in Bandar Bukit Jalil, with built-ups of 1,080 sq ft. These were sold at an average of RM168,500.

The Bandar Bukit Jalil township also features 2½-storey link homes in six phases, the final phase of which is expected to be handed over this month.

In August, 12 units of 2½-storey semi-detached homes in Bandar Bukit Jalil with a GDV of RM6.98 million would be handed over.

This article appeared in City & Country page, the property pullout of The Edge Malaysia, Issue 759, June 15-21, 2009.

http://www.theedgemalaysia.com/p ... uilding-ho-hup.html

马可冒险家

不知前辈对extreme system有何看法？

听说是个有名的炒家控制的。

hdcyng

原帖由 马可冒险家 于 13-7-2009 11:02 PM 发表
不知前辈对extreme system有何看法？

听说是个有名的炒家控制的。

苏启文

hdcyng

Ho Hup/Magna Prima

A pricey 2.6 acre parcel of land, located a stone’s throw from the Petronas Towers has put the spotlight on Ho Hup.

The 2.6 acres, on which sits Lai Meng does not belong to Ho Hup. The company is supposedly not directly involved in a deal to swap the land for another plot in Bkt Jalil. This involves the Lai Men girls School Association and listed developer Magna Prima.

But the financially ailing Ho Hup has valuable parcels of land totaling 87 acres in Bkt Jalil, including a small piece that LMGSA wants and which Magna will need to get hold the school land in Jln Ampang.

This complex series of transactions involving three parties has led to a corporate battle at the construction company in which the founding family of Low Chee & Sons now plays a smaller role.

However, Datuk Low Tuck Choy the ousted former MD of Ho Hup and the fouder’s son, is not making things easy for the new management at Ho Hup that is led by deputy executive chairman Datuk Vincent Lye. Lye has Low’s younger brother Teik Kien on his side.

Tuck Choy has direct 3.26% stake in Ho Hup and Low Chee & Sons has 22.67%. ESSB holds 27.95% of Ho Hup.

Tuck Choy recently derailed a deal by Ho Hup to dispose of a 10.9 acre parcel in Bkt Jalil to raise the working capital urgently needed by management to kick start some projects. And he is attempting to stop another land deal – the parcel that is to be swapped for the school land.

Ho Hup’s main assets in 2009 are the 87 acres of land in Bkt Jalil held by its 70% owned subsidiary Bkt Jalil Development Sdn Bhd. Ho Hup was put under PN17 status in July 2008.

Under the circumstances, the development and sale of all or part of the 87 acres hold the key to Ho Hup’s survival.

In dire need of cash, Ho Hup had on March 2 2009 proposed to dispose of a 10.9 acre parcel of the Bkt Jalil land for Rm19.41 million to Magna, and a small parcel of 5.5 acres for Rm9.83 million to Santari Sdn Bhd. The proceeds from the two sales were to be used to repay some borrowings and for working capital to kick start the development of the remaining parcels of land in Bkt Jalil.

Although on paper, the deal with Santari is not related Magna based on disclosed information, but the fact is that Magna is supposed to help cause the transfer of from Bkt Jalil Land to LMGSA in return for the Jln Ampang land.

The transfer of the land is part of a deal announced by Magna on March 23, 2009, whereby in return, it would purchase the piece of prime land in Jln Ampang currently occupied by the school.

The plot of land held under geran 555267, Lot 38474, forms a crucial part of Magna Prima Bhd’s proposal to buy prime land at Jln Ampang, This pertinent fact is surprised not highlighted in Ho Hup’s circular to shareholdrs.

Magna announced in March 2009 that it had sealed a deal with LMGSA to acquire the latter’s land where the primary school is currently located near the Petronas Twin Towers, for Rm148 million cash. Under the proposal, the deal is conditional upon the transfer of the 5.5 acre piece of land in Bkt Jalil to LMGSA for the relocation of the school at no cost.

A source says the two transactions irked Tuck Choy because Lye holds a 3.815% stake in Magna and was a director of Magna between 2007 and June 2009, and also because an earlier offer was made to Ho Hup for the land in Bkt Jalil

Ho Hup announced its proposal to sell the land to Santari on March 2, 2009 while Magna Prima revealed its land exchange deal with Lai Meng three weeks latter.

Despite failing in tuck Choy’s efforts to stop the disposal of the 5.5 acres to Santari at the EGM, he has not given up on stopping the completion of the sale.

AS long as Tuck Choy’s board of directors is on Lye’s side, Ho Hup as a 70% shareholder of BJD (another 30% held UEM) can push through decisions in the subsidiary using a shareholder resolution even if Tuck Choy disagrees.

A source close to him says that Tuck Choy is aware of the situation and is gathering information to try and establish that the sale is a related party transaction and that ESSB should not have been allowed to vote.

According to sources, the deal with Santari could be completed within a month after all the conditions are met.

The owners of Santari are Lee Sion Hai and Hiew Yoke Ching.

So far, it is not clear how Magna Prima will facilitate the land transfer to LMGSA after BJD’s sale to Santari is completed.

Will Santari later transfer a portion of the land to Lai Meng? Or will Magna Prima buy the land from Santari?

Nonetheless relocating Lai Meng will benefit Ho Hup’s property development projcts in Bkt Jalil. It could be a catalyst for Ho Hup to develop the remaining 60 acres it has in Bkt Jalil.

About Magna Prima … Although Lye is currently in the limelight over the land issue, he is not the driving force behind MPB. Instead it is believed that MPB is controlled by the Lee brothers, who used to be major shareholders in Seal.

hdcyng

Ho Hup/Magna Prima

A pricey 2.6 acre parcel of land, located a stone’s throw from the Petronas Towers has put the spotlight on Ho Hup.

The 2.6 acres, on which sits Lai Meng does not belong to Ho Hup. The company is supposedly not directly involved in a deal to swap the land for another plot in Bkt Jalil. This involves the Lai Men girls School Association and listed developer Magna Prima.

But the financially ailing Ho Hup has valuable parcels of land totaling 87 acres in Bkt Jalil, including a small piece that LMGSA wants and which Magna will need to get hold the school land in Jln Ampang.

This complex series of transactions involving three parties has led to a corporate battle at the construction company in which the founding family of Low Chee & Sons now plays a smaller role.

However, Datuk Low Tuck Choy the ousted former MD of Ho Hup and the fouder’s son, is not making things easy for the new management at Ho Hup that is led by deputy executive chairman Datuk Vincent Lye. Lye has Low’s younger brother Teik Kien on his side.

Tuck Choy has direct 3.26% stake in Ho Hup and Low Chee & Sons has 22.67%. ESSB holds 27.95% of Ho Hup.

Tuck Choy recently derailed a deal by Ho Hup to dispose of a 10.9 acre parcel in Bkt Jalil to raise the working capital urgently needed by management to kick start some projects. And he is attempting to stop another land deal – the parcel that is to be swapped for the school land.

Ho Hup’s main assets in 2009 are the 87 acres of land in Bkt Jalil held by its 70% owned subsidiary Bkt Jalil Development Sdn Bhd. Ho Hup was put under PN17 status in July 2008.

Under the circumstances, the development and sale of all or part of the 87 acres hold the key to Ho Hup’s survival.

In dire need of cash, Ho Hup had on March 2 2009 proposed to dispose of a 10.9 acre parcel of the Bkt Jalil land for Rm19.41 million to Magna, and a small parcel of 5.5 acres for Rm9.83 million to Santari Sdn Bhd. The proceeds from the two sales were to be used to repay some borrowings and for working capital to kick start the development of the remaining parcels of land in Bkt Jalil.

Although on paper, the deal with Santari is not related Magna based on disclosed information, but the fact is that Magna is supposed to help cause the transfer of from Bkt Jalil Land to LMGSA in return for the Jln Ampang land.

The transfer of the land is part of a deal announced by Magna on March 23, 2009, whereby in return, it would purchase the piece of prime land in Jln Ampang currently occupied by the school.

The plot of land held under geran 555267, Lot 38474, forms a crucial part of Magna Prima Bhd’s proposal to buy prime land at Jln Ampang, This pertinent fact is surprised not highlighted in Ho Hup’s circular to shareholdrs.

Magna announced in March 2009 that it had sealed a deal with LMGSA to acquire the latter’s land where the primary school is currently located near the Petronas Twin Towers, for Rm148 million cash. Under the proposal, the deal is conditional upon the transfer of the 5.5 acre piece of land in Bkt Jalil to LMGSA for the relocation of the school at no cost.

A source says the two transactions irked Tuck Choy because Lye holds a 3.815% stake in Magna and was a director of Magna between 2007 and June 2009, and also because an earlier offer was made to Ho Hup for the land in Bkt Jalil

Ho Hup announced its proposal to sell the land to Santari on March 2, 2009 while Magna Prima revealed its land exchange deal with Lai Meng three weeks latter.

Despite failing in tuck Choy’s efforts to stop the disposal of the 5.5 acres to Santari at the EGM, he has not given up on stopping the completion of the sale.

AS long as Tuck Choy’s board of directors is on Lye’s side, Ho Hup as a 70% shareholder of BJD (another 30% held UEM) can push through decisions in the subsidiary using a shareholder resolution even if Tuck Choy disagrees.

A source close to him says that Tuck Choy is aware of the situation and is gathering information to try and establish that the sale is a related party transaction and that ESSB should not have been allowed to vote.

According to sources, the deal with Santari could be completed within a month after all the conditions are met.

The owners of Santari are Lee Sion Hai and Hiew Yoke Ching.

So far, it is not clear how Magna Prima will facilitate the land transfer to LMGSA after BJD’s sale to Santari is completed.

Will Santari later transfer a portion of the land to Lai Meng? Or will Magna Prima buy the land from Santari?

Nonetheless relocating Lai Meng will benefit Ho Hup’s property development projcts in Bkt Jalil. It could be a catalyst for Ho Hup to develop the remaining 60 acres it has in Bkt Jalil.

About Magna Prima … Although Lye is currently in the limelight over the land issue, he is not the driving force behind MPB. Instead it is believed that MPB is controlled by the Lee brothers, who used to be major shareholders in Seal.

hdcyng

Ho Hup

The company retain its remaining its 60 acres of land in Bkt Jalil after selling 16.4 acres in the vicinity to raise working capital. The development of the 60 acres, held by 70% owned subsidiary BJD would generate a huge pay off for Ho Hup and lift the company out of its PN17 status.

Assuming all the units developed on the 60 acres are sold, GDV from the project would translate to RM700 million, with Ho Hup’s 70% stake in BJD coming up to Rm490 million over the period of development.

In theory, after stripping out Ho Hup’s total borrowings of RM103 million as at March 31, 2009 (mostly short term) and had currentl liabilities, including short term loans and payables, totaling Rm280 million compared with current assets of rm143 million. There would still be rm386 million profit left for the shareholders over the next few years.

There is also provision for liquidated ascertained damages of rm23 million for the late delivery of houses for its Jalil Sutera project. Meanwhile, trade and other payables amounted to Rm146 million versus trade and other receivables of RM96 million.

It holds very little cash – RM8.79 million as at March 31, 2009. Other than current assets RM37 million of property development costs and inventories. There are work in progress and finished houses that could turn into operating cash flow.

Jalil Sutera is currently the group’s only major source of cash flow, but is only sufficient to sustain operating needs. Hence, to repay some borrowings and kick start the development at the 60 acre land, Ho Hup is selling two parcels totaling 16.4 acres in the vicinity to rasie some Rm29 million to be used as initial working capital.

Going forward … the company said that the company is an urgency to dispose of the land on time so that it can raise funding before launching the 60 acre development. The target is to raise its net working capital to about RM20 million to kick start the project. Subsequently, the company may announce a rights issue to raise more capital to fund the development.
It is not abandoning its core business in construction, machinery rental and ready mix. However, its immediate focus will be on the property development in Bkt Jalil because the landbank is already in place and the project can generate higher return.

Put the Santari aside, there could potentially be more proxy fights at shareholders’ leel in Ho Hup over the company’s future endeavours. This is provided that Tuck Choy can continue to win support from his family vehicle Low Chee & Sons, which holds a 22.65% stake in Ho Hup. Together with his direct holding of another 3.26%, Tuck Choy would have control of 25.91% of the voting shares in Ho Hup against Datuk Lye’s 27.95% stake held through his wife’s company ESSB.

In such a scenario, who the minority shareholders support will be crucial.

hdcyng

和合建筑售地段  接刘志父子公司庭令
（吉隆坡16日讯）和合建筑（HOHUP，5169，主要板建筑）向马证交所报备，子公司武吉加里尔发展私人有限公司，已接获主要大股东刘志父子公司（Low Chee & Sons）所发出的庭令。文告指出，上述庭令与子公司脱售八打灵市一块5.503英亩地段有关。
文告也说，正寻求法律建议，一旦被起诉，将明显影响公司财务状况。
刘志父子公司，是和合建筑前董事经理兼大股东拿督刘德财所拥有。
刘德财是本月12日入禀吉隆坡高庭，申请庭令禁止武吉加里尔发展脱售上述地段给万拿第一（MAGNA，7617，主要板建筑）子公司。
刘德财本月13日召开记者会说，有关售地计划涉及“利益冲突”，违反1965年公司法令第132条文。
另一方面，和合建筑获马证交所批准，延期3个月呈交重组计划，截止日为10月31日。

khokhokho

直接清盤，資產變賣後，全退給小股東好了。

kristinemoon696

Cover Story: ‘What Santari does with land is beyond our control’
Written by Kathy Fong
Monday, 20 July 2009 00:00 - Last Updated Monday, 17 August 2009 14:35

When a vendor sells part of a large chunk of land he or she owns, in most instances the seller
would want to know what plans the buyer has in store for the piece of land.
But Lim Ching Choy, managing director of Ho Hup Construction Co Bhd, is not bothered about
such things so long as the sale is transacted and proceeds are paid.
“As far as we are concerned, Ho Hup is selling the land to Santari (Sdn Bhd), a private
company, which has no relationship with the directors and shareholders of Ho Hup,” says Lim.
“What Santari wants to do with the land (in the future), we as the seller have no control over it.”
Lim was commenting on the disposal of a piece of land measuring 5.503 acres by Ho Hup’s
70%-owned subsidiary Bukit Jalil Development Sdn Bhd (BJD) to Santari for RM9.83 million
cash. The resolution to sell the tract in Bukit Jalil, southern Kuala Lumpur, was passed at the
EGM on July 8.
In a circular to shareholders dated June 23, it was clearly stated that none of Ho Hup’s directors
and shareholders had any direct or indirect interest in the land transaction. This was not a
related party transaction; thus, all major shareholders were permitted to vote at the EGM.
The owners of Santari are Lee Siong Hai and Hiew Yoke Ching.
Nonetheless, the story doesn’t seem to end there. The plot of land held under geran 55267, Lot
38474, forms a crucial part of Magna Prima Bhd’s proposal to buy prime land at Jalan Ampang.
This pertinent fact is surprisingly not highlighted in Ho Hup’s circular to shareholders.
To recap, property developer Magna Prima announced in March that it had sealed a deal with
Lai Meng Girls’ School Association (LMGSA) to acquire the latter’s land where the primary
school is currently located near the Petronas Twin Towers, for RM148.1 million cash.
Under the proposal, the deal is conditional upon the transfer of the 5.5-acre piece of land in
Bukit Jalil to LMGSA for the relocation of the school at no costs.
In the announcement to Bursa Malaysia, Magna Prima said its unit Twinicon (M) Sdn Bhd “shall
cause the transfer of all the freehold land measuring 22,280 sq m held under geran 55267, Lot
38474, from BJD to land vendor (which is LMGSA)”.
OSK Investment Bank Bhd is the adviser for the disposal of the land by BJD and Magna Prima’s
acquisition of the Lai Meng school land.
Lim, however, clarifies that Ho Hup has not obtained any “request” regarding the land transfer
by BJD. “For us, at Ho Hup, we stop at the Santari level as far as the land sale is concerned.
What happens (to the land) later is beyond our control,” he says.
He adds that Ho Hup’s board was not notified of the land transfer arrangement between Magna
Prima and Lai Meng.
This is despite the fact that BJD was named by Magna Prima when it announced to Bursa of its
1 / 2
Cover Story: ‘What Santari does with land is beyond our control’
Written by Kathy Fong
Monday, 20 July 2009 00:00 - Last Updated Monday, 17 August 2009 14:35
proposed land acquisition with LMGSA on March 23.
It may be worth noting that Datuk Lye Eek Seang, the deputy executive chairman of Ho Hup,
was a board member of Magna Prima when the proposed land acquisition with LMGSA was
made. Lye relinquished the directorship in Magna Prima three months later. He is also a major
shareholder of Ho Hup, in which he owns a 27.65% stake via his spouse. He owns a 3% equity
interest in Magna Prima as well.
When asked about the link between Ho Hup and Magna Prima, Lim says there isn’t any
relationship between the two, except that Lye owns interest in both companies.
Interestingly, Lim himself was the CEO of Magna Prima when the land deal was sealed with the
association. He resigned from the post on May 14 and was appointed managing director of Ho
Hup on June 1. Lim was seen as being handpicked by Lye to revive Ho Hup.
In defending Ho Hup’s land sale and Magna Prima’s proposed land exchange with Lai Meng
Girls School are two entirely separate deals, Lim highlights the dates when the two proposals
were made. Ho Hup announced its proposal to sell the land to Santari on March 2, while Magna
Prima revealed its land exchange deal with Lai Meng three weeks later.
“When Ho Hup agreed on the land sale, it had no knowledge about Magna Prima’s proposal
since it (the latter) only closed the deal later,” says Lim.
So far, it is not clear how Magna Prima will facilitate the land transfer to LMGSA after BJD’s sale
to Santari is completed.
Will Santari later transfer a portion of the land to Lai Meng? Or will Magna Prima buy the land
from Santari? Only time will tell.
Some quarters say it may be too late to debate on whether the two transactions are related
since Ho Hup’s shareholders have already endorsed the land sale to Santari.
Nonetheless, relocating Lai Meng Girls School will benefit Ho Hup’s property development
projects in Bukit Jalil. Lai Meng is a well-known primary school for children of the elite as it is
located near Ampang Hilir.
Nowadays, with more parents, particularly Chinese, intending to send their children to Chinese
primary schools, Lai Meng could be a catalyst for Ho Hup to develop the remaining 60 acres it
has in Bukit Jalil.
This article appeared in Corporate page of The Edge Malaysia, Issue 764, July 20-July 26, 2009

kristinemoon696

Obtained from http://www.theedgemalaysia.com/f ... imas-sweet-dea.html


What’s behind Magna Prima’s sweet deal
Written by Gan Yen Kuan
Monday, 30 March 2009 11:04 - Last Updated Thursday, 23 April 2009 10:57
When Datuk Lye Ek Seang returned to seek control of Ho Hup Construction Co Bhd in May last
year via a private company partly owned by his spouse, the question that cropped up was, why
would a property developer be interested in the financially distressed construction firm?
Two months later, Ho Hup went into the PN17 list, which could see the company delisted if it
fails to shore up its capital. Despite this, Lye continued to accumulate shares in Ho Hup through
the private company.
Speculation then was that Ho Hup, which owns valuable assets such as heavy machinery, as
well as strategic landbank in Bukit Jalil, could be a synergistic outfit to some of the companies in
which Lye has interests.
And that was true enough as the big picture unravelled last week after Magna Prima Bhd
snapped up a plot of prime land measuring 1.06ha in Jalan Ampang. The land is where the Lai
Meng Primary School and kindergarten are located and is a stone’s throw from major landmarks
in the city, such as the Petronas Twin Towers.
Under the proposed acquisition, Magna Prima, in which Lye has a direct 3.69% stake, agrees to pay the landowner, Lai Meng Girls’ School Association (LMGSA), RM148.15 million cash, which is a 23.6% discount to the land’s market value of RM194 million determined by an independent valuer.
The discount is clearly due to the condition that Magna Prima will have to “cause the transfer”
of a 2.22ha parcel of land in Bukit Jalil, held by Ho Hup’s 70%-owned subsidiary Bukit Jalil
Development Sdn Bhd, for the relocation of the primary school and kindergarten.
Interestingly, Magna Prima does not own the land in Bukit Jalil. What Magna Prima had actually
proposed to acquire earlier this month from Ho Hup is a parcel of land measuring 4.4ha for
RM19.41 million.
It must be stated that shareholders were well aware of Lye’s vested interest in Magna Prima as
Ho Hup had appointed independent advisers for the proposed disposal of the 4.4ha land to
Magna Prima.
It was one of the two land disposals undertaken by Ho Hup for a total sum of RM29.24 million.
The other parcel of land, which turned out to be the plot that has been earmarked for transfer to
LMGSA, was proposed to be sold to a company named Santari Sdn Bhd for RM9.83 million
earlier this month.
It is not known how Magna Prima plans to transfer the land to the school’s association. Also, it
is not known if the proposed transaction between Santari and Bukit Jalil Development has been
rescinded.
On hindsight, Lye’s interest in Ho Hup becomes clearer. Without a readily available piece of
land for relocation, LMGSA may want to think twice before disposing of its land in Jalan
Ampang to Magna Prima. And Lye’s role in Ho Hup is crucial for the transfer of the Bukit Jalil
land to LMGSA.
At a purchase price of RM148 million, the Jalan Ampang land is valued at RM1,300 psf. A land
valuer contacted by The Edge says Magna Prima has “indeed struck a good deal”.
Citing an example, she says the land where Wisma Angkasa Raya sits on (opposite Petronas
Twin Towers) was sold to Sunrise Bhd at a record price of about RM2,600 psf. “Depending on
the development potential, land near the KLCC area generally fetches about RM2,000 psf,” she
notes.
On the new prime site in Jalan Ampang, Magna Prima plans to undertake a mixed development
project, with total gross floor area of about 1.2 million sq ft and an estimated gross development
value of up to RM1.3 billion. The project is expected to commence in 2012 and scheduled for
completion in 2015, according to its announcement to Bursa Malaysia.
By the time it starts developing the land, the country’s economy should have recovered, if what
economists project is right, and this would help boost its bottom line.
The company currently has only one ongoing project in the KLCC vicinity, which is a luxury
condominium project named Avare.
However, it should be noted that the proposed acquisition is still subject to various regulatory
approvals, including consent from the education authorities for the relocation of Lai Meng school
and kindergarten.
In the event the authorities do not grant an approval, the school will remain at its existing
location and Magna Prima’s plan of undertaking the RM1.3 billion high-end project on the land
will not materialise. But getting approval seems to be the least of the problems as it is well
known that schools located in the city have been encouraged to be relocated.
While Magna Prima stands to benefit from the land deal, Ho Hup, on the other hand, is beset
with financial problems and is awaiting a revamp. Just this month alone, the company was
served two winding-up petitions by its creditors.
Ho Hup is due to submit its regularisation plan by end-March. However, on March 13, the
company wrote to Bursa Malaysia Securities Bhd to seek an extension of six months to Sept 30
for it to submit its revamp plan to the authorities.
Since Lye took control of the construction firm, not much had been reported on the progress of
the revamp, save for two proposed disposals of land from which the proceeds were to be used
to reduce Ho Hup’s borrowings.
Lye first emerged as a substantial shareholder of Ho Hup on Sept 13, 2007, with a 5.71% stake
or 5.83 million shares, but ceased to be one after he sold down his stake a month later.
However, on May 14 last year, his wife Datin Viannie Damit @ Undikai emerged as a
substantial shareholder after acquiring 17.54 million Ho Hup shares via Extreme System Sdn
Bhd.
From May to August last year, Extreme System accumulated shares in Ho Hup. As at Aug 5,
Extreme System’s shareholding in Ho Hup stood at 28.51 million shares or 27.95%.
Ho Hup has been in the red since FY2006. For FY2008, its net loss widened to RM56.65 million
from RM46.11 million in FY2007. Its FY2006 net loss stood at RM35.1 million.
Looking at how the company is faring so far, Lye and his team need to quickly come up with the
revamp plan to save Ho Hup, one of the oldest construction firms in the country. As of now, not
many really know what plans Lye has in mind to revive the ailing company. However, Magna
Prima’s prospects look good.

This article appeared in the Corporate page, The Edge Malaysia, Issue 748, March 30-April 5,
2009

hdcyng

During the 1997 Asia EconomyCrisis when all hell breaks loose after businessman Soh Chee Wenaccused Ling Liong Sik , who was also transport minister, of having abused hisposition to conduct business deals between 1996 and 1997. Soh wasreferring to the Linksun Avenue Sdn Bhd’s acquisitionof Berjaya Industrial Bhd in late 1996. Linksun Avenue was owned byLing’s eldest son Ling Hee Leong, aged 27 with no business experience,who made a meteoric rise in the corporate world when he acquiredBerjaya Industrial (later renamed Rekapacific Bhd) from business tycoonVincent Tan for a whopping RM1.2 billion.
Soh Chee Wen used to controll eight listed companies and was the biggest stock market playerthe regulating agency had investigated over his two counts ofdefrauding now-defunct Omega Securities Sdn. Bhd. Among the companieshe controlled during his heyday were marine engineering and propertyconcern Promet Bhd., Autoways Holdings Bhd., Kelanamas Industries Bhd.and tin-plate maker Perusahaan Sadur Timah Malaysia Bhd.

Aswith mother’s nature, Soh's political (he was the member of politicalparty MCA) and business fortunes began to crumble during the 1997financial crisis, when he was forced to sell many of his corporateholdings. His ties with Ling also unraveled, with Soh filing a 149million ringgit suit against Ling's son, Hee Liong, a former businesspartner, claiming Hee Liong owed him millions of ringgit. While LingLiong Sik called him a liar, Soh threatened to expose prominent figuresinvolved in the deals he was charged with.
SohChee Wen had also claimed that he had hooked up Liong Sik and hisfamily to businessmen in Singapore, Hong Kong and Taiwan and enrichedthe Lings by millions of ringgit. However, Ling Liong Sik did not rebutclaims made by his former close aide Soh Chee Wen regarding how he(Ling) made use of his Transport Ministry's office and facilities toconduct personal business dealings.
Afteron the run for three years, Soh returned to Malaysia to face chargesand on May 2007, he pleaded guilty to two alternative charges forabetting Tony Tiah Thee Kian (owner of TA Securities)in submitting false information to the Kuala Lumpur Stock Exchangerelated to reporting of the transaction involving 7,750,000 OmegaHoldings Berhad (OHB) shares and 7,752,000 Omega Holdings Berhad Ashare (OHB – A share).

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和合建築 獲7500萬融資便利

企業27/07/2011 22:30
（吉隆坡27日訊）和合建築（HOHUP，5169，主要板建築）宣布，該公司獲得了Insas信用和租賃私人有限公司總值7500萬令吉的有期貸款便利。

該公司今日發出文告指出，上述貸款將用來償還已拖欠聯昌國際銀行長達3年的貸款。

根據文告，和合建築所拖欠的聯昌國際銀行貸款是其子公司武吉加禮爾發展私人有限公司，通過一塊面積達60英畝土地所獲得的貸款。

在獲得Insas最新融資便利后，和合建築可以全數償還聯昌國際銀行的欠款，並且向脫離PN17公司地位邁進一大步。

和合建築披露，截至去年10月30日，該公司和武吉加禮爾發展在聯昌國際銀行的欠款分別為6160萬令吉和1200萬令吉，屬和合建築的有擔保貸款計劃。

獲得新融資后，該公司只需應付其無擔保債權人。[ChinaPress]

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反貪會突擊檢查和合 未取走任何文件

財經08/09/2011 21:03
（吉隆坡8日訊）和合建築（HOHUP，5169，主要板建築）證實，反貪污委員會（MACC）在週三（7日）突擊拜訪公司總部，但否認反貪會官員有取走文件。

《中國報》就此事致電反貪污委員會公關，唯對方拒絕置評。

和合建築一名發言人回應本報提問時，證實反貪會官員昨日到訪公司總部，並與公司執行董事黃吉良面談。

“但反貪會官員並沒有取走任何文件。”

據網上媒體和《星報》報導，反貪會此舉是針對網上部落格稱和合建築代總檢察長丹斯里阿都干尼支付屋子裝修費一事，展開調查。

或與前管理層訴訟有關
但《星報》報導，一名不願具名的和合建築高層透露，反貪會是在昨日下午約4時，“非常短暫”的到訪總公司，並取走數份文件，作為調查用途。

根據“今日大馬”（Malaysia Today）網站發佈的一篇文章，反貪會充公了和合建築可能涉及阿都干尼的文件。

文章指出，和合建築為阿都干尼裝修位于森美蘭州的屋子，裝修費用由和合建築其中一名董事支付。

一名不願具名者告訴本報，猜測和合建築遭突擊檢查，可能與前任管理層的訴訟有關。

該公司早前起訴數名董事與職員，指后者的合約終止賠償金不合理且不正確，要求這數名董事與職員償還和合建築。

儘管如此，反貪會發言人拒絕回應或證實對和合建築的調查。[ChinaPress]

icy97

和合建筑净利大增142%

财经新闻 财经  2011-11-18 11:34
（吉隆坡17日讯）和合建筑（HoHup，5169，主板建筑股）截至9月30日2011财年第三季，净利大增142%，从上财年同期的26万1000令吉，增至63万1000令吉。

和合建筑现财年第一季有580万令吉的拨回盈利中，其中的100万令吉来自巴生医院工程。主要是这工程亏损比预期中低，而原先拨备的480万令吉已不再需要。

和合建筑在这段期间售出子公司，获得了90万令吉，这笔款项为较早前为有关子公司所准备的拨备金。

公司现财年第一季每股盈利有0.86仙；相比之下，上财年同期的每股盈利为0.65仙。

尽管如此，和合建筑在现财年第三季的营业额滑落了79%，也就是从上财年同期的4682万2000令吉，减至973万3000令吉。[ChinaPress]

icy97

不滿Pioneer Haven裁決 和合建築將上訴

企業22/12/2011 21:34
（吉隆坡22日訊）和合建築（HOHUP，5169，主要板建築）不滿上訴庭于20日向Pioneer Haven的裁決，將向聯邦法院上訴。

該公司發表文告說，聆訊日已定在明年1月30日。

Pioneer Haven是馬頓（MALTON，6181，主要板產業）子公司。

和合建築早前獲勝訴，有權持續發展武吉加里爾地段，但Pioneer Haven和和合建築前董事不滿該裁決，透過律師向吉隆坡高庭申請展延執行該判決，以向上訴庭提出上訴申請。

本月20日，Pioneer Haven勝訴，使和合建築唯有再上訴。

和合建築說，在未有聆訊結果前，重組計劃維持現狀。

根據已提呈給監管單位的重組計劃，該公司有絕對的權利發展子公司武吉加里爾發展（Bukit Jalil Development）旗下的60英畝地。[ChinaPress]

icy97

和合建築 要求延交重組計劃

股市21/02/2012 21:44
（吉隆坡21日訊）和合建築（HOHUP，5169，主要板建築）收購資產重組的計劃破局，要求延長重新呈交重組計劃期限至今年6月底。

該公司日前宣佈，在雙方同意下終止向PLENITUDE（PLENITU，5075，主要板產業）收購Fivestar公司計劃，遭馬證交所質詢。

和合建築回應質詢指出，完成收購計劃所需具備的其中一項先決條件遲未獲通過，涉及法律事項導致收購案一拖再拖。

因此，PLENITUDE決定終止脫售Fivestar及Kolektra公司，和合建築亦接受建議。

由于未完成收購，此發展不會影響和合建築財務狀況。

文告指出，該公司原計劃在收購兩家公司后重組，隨著收購破局，需重新整理計劃，已向馬證交所申請延長呈交計劃期限至6月底。[ChinaPress]

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SUMMARY OF KEY FINANCIAL INFORMATION

31/12/2011

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2011	31/12/2010	31/12/2011	31/12/2010
		$$'000	$$'000	$$'000	$$'000
1	Revenue	4,510	10,085	27,672	65,123
2	Profit/(loss) before tax	-3,983	-5,059	-9,998	-16,093
3	Profit/(loss) for the period	-4,157	-5,059	-10,201	-13,642
4	Profit/(loss) attributable to ordinary equity holders of the parent	-3,735	-5,036	-9,781	-13,606
5	Basic earnings/(loss) per share (Subunit)	-3.66	-4.78	-9.59	-13.20
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	-0.3800		-0.2900

icy97

高庭准和合建築 購回子公司30%股權

財經28/03/2012 22:12
（吉隆坡28日訊）和合建築（HOHUP，5169，主要板建築）獲高庭批准，可向Zen Courts公司購下所持有的子公司武吉加里爾發展30%股權。

和合建築發表文告指出，高庭是在Zen Courts公司與和合建築子公司和合配備租賃公司的訴訟中，作出購回股權判決。

這項判決使得和合建築得以擁有武吉加里爾發展全數股權，這也意味著和合建築將取得武吉加里爾一塊60英畝的土地。

同時，股權回購也讓Zen Courts得以退場，Zen Courts早前和UEM集團購下武吉加里爾發展30%股權。

Zen Courts是在去年5月入稟法庭，指和合建築違反和UEM集團的聯營協議，要求和合建築履行聯營協議。

文告指出，和合建築必須以有形資產淨值向Zen Courts購回450萬面值1令吉的普通股。

雙方中的其中一方，可自行尋找估價師進行評估，費用由武吉加里爾發展負責，和合建築指出，將和Zen Courts討論委任估價師事宜。

若和合建築無法回購相關股權，Zen Courts可向法庭提出申請，另外Zen Courts和和合建築需承擔5萬令吉的費用。[ChinaPress]

icy97

和合建筑收购案取消 Montprimo：不再考虑

财经新闻 财经  2012-04-21 11:13
（吉隆坡20日讯）和合建筑（HoHup，5169，主板建筑股）以1279万8500令吉全面收购Montprimo私人有限公司（前称为Fivestar发展（蒲种）私人有限公司）的献议已撤销。

Montprimo董事经理陈保国受访时说，和合建筑早前建议以发行新股方式予Montprimo控股公司——Plenitude Frontier私人有限公司，以收购Montprimo所有股权（总值3400万5400令吉）。

不过，Montprimo却宣布已撤销这项献议。

“和合建筑近期牵扯多项法律纠纷，致使其重组计划受限。有鉴于此，我们不再等待和合建筑完成重组计划，以及解决所有法律纠纷，我们决定撤销全面收购的献议。”

询及未来会否再考虑注资和合建筑，他表示：“未来我们也不会考虑注资和合建筑。”

2010年7月16日，陈保国与和合建筑针对上述收购献议签署了解备忘录（MOU），和合建筑计划收购Montprimo和Kolektra Recreation私人有限公司100%股权。

和合建筑透过发行6801万800新股给Plenitude Frontier，收购Montprimo的所有股权，但仍然持有以现金全面收购Kolektra Recreation私人有限公司所有股权的选择权。[Nanyang]

报道：倪嫣鴽