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- This came after the Low family vehicle, Low Chee Group Sdn Bhd, disposed of its entire 22.91 million shares or a 4.42% stake on Oct 21 and Oct 22 for RM458,673.
KUALA LUMPUR (Oct 24): Ho Hup Construction Co Bhd’s (KL:HOHUP) founding Low family has ceased to be a substantial shareholder in the company amid a boardroom tussle.
Just days prior, substantial shareholder Omesti Holdings Bhd (KL:OMESTI) issued a notice on Oct 22 calling for an extraordinary general meeting (EGM) to replace executive directors Low Kheng Lun and Datuk Wong Kit-Leong on the company’s board.
In bourse filings on Friday, Ho Hup said Kheng Lun’s parents, former managing director Datuk Low Tuck Choy and director Datin Chan Bee Leng, ceased to be substantial shareholders on Oct 22.
This came after the Low family vehicle, Low Chee Group Sdn Bhd, disposed of its entire 22.91 million shares or a 4.42% stake on Oct 21 and Oct 22 for RM458,673. Chan still holds an indirect 2.48% stake.
A check with the Companies Commission Malaysia showed that the Low Chee Group is 32.95%-owned by Tuck Choy, and 18.72% by Kheng Lun. Another 32.95% is owned by Low Lai Yoong, while the remainder is held by the estate of Tang Sau Kuan @ Tang Sow Keng and Amelia Chong.
Kheng Lun and Lai Yoong ceased to be substantial shareholders of Ho Hup on Oct 16, after a 4.19% stake disposal by the Low Chee Group trimmed the vehicle’s stake to 4.9% then.
Just a year ago, the Low Chee Group was the company’s second-largest shareholder with a 9.09% stake, behind Omesti’s 10.93%.
Now, Omesti is calling for Ho Hup to hold an EGM to replace Kheng Lun and fellow executive director Wong with their appointees, Ong Koon Loong and Bernard Chen Tong Liang.
Ho Hup has been in financial trouble since earlier this year.
In April, it fell into Practice Note 17 classification after its wholly-owned Bukit Jalil Development Sdn Bhd defaulted on RM112.69 million in loan facilities, for which Ho Hup is the guarantor.
Prior to that, the company has been in the red since 2021.
The loss streak was extended to its latest three-month period ended June 30, 2025, when Ho Hup posted a net loss of RM275.9 million on a revenue of RM2.31 million, due to the recognition of hefty impairments.
The company shifted its financial year-end from end-December to end-June in February this year. For the 18-month period ended June 30, 2025, Ho Hup’s net loss stood at RM473.25 million with revenue of RM57 million.
Shares in Ho Hup ended unchanged at two sen on Friday, valuing the company at RM8.64 million.
Omesti shares closed unchanged at eight sen, giving the company a market capitalisation of RM93.31 million.
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