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- Taghill—formerly known as Siab Holdings Bhd—said its units Siab (M) Sdn Bhd (SMSB) and Siab Construction Sdn Bhd (SCSB) are seeking to reorganise their debts and business operations “to better serve the interests of creditors under court supervision, safeguard employment and enable a more advantageous realisation of assets compared to a winding-up scenario”.
KUALA LUMPUR (Nov 11): Construction firm Taghill Holdings Bhd (KL:TAGHILL) said two of its wholly owned subsidiaries, which are not major contributors, have filed applications for a judicial management order to address their financial position and cash flow constraints.
Judicial management is a process that helps troubled companies get temporary protection from creditors while they reorganise their debts and operations under a court-appointed manager.
In a statement on Tuesday, Taghill—formerly known as Siab Holdings Bhd—said its units Siab (M) Sdn Bhd (SMSB) and Siab Construction Sdn Bhd (SCSB) are seeking to reorganise their debts and business operations “to better serve the interests of creditors under court supervision, safeguard employment and enable a more advantageous realisation of assets compared to a winding-up scenario”.
The group added that SMSB and SCSB, through the initiation by Taghill Projects Sdn Bhd, one of SCSB’s creditors, have voluntarily filed the applications with the Kuala Lumpur High Court pursuant to Sections 404 to 406 of the Companies Act 2016.
Taghill said SMSB makes up 15.92% and SCSB 7.58% of its total assets, based on its audited financial statements for the financial period ended May 31, 2025 (FY2025). Accordingly, the applications are not expected to have any immediate material impact on the group’s financial performance for FY2026.
Group managing director Wong Yih Ming said the judicial management process provides a structured and transparent framework to preserve value while the group works towards stabilising its subsidiaries’ operations.
“We view this as a necessary and responsible step to ensure long-term sustainability, while our core operations under Taghill Projects Sdn Bhd continue to perform healthily.
“With shareholders’ approval obtained for our diversification into property development, we are confident this new venture will further strengthen our growth prospects alongside our ongoing construction business,” Wong added.
Taghill further reaffirmed that all other subsidiaries, particularly Taghill Projects, remain fully operational and unaffected.
The group continues to execute its ongoing projects and maintain robust operations, supported by an outstanding order book of RM1.29 billion as at end-August 2025, providing continued revenue visibility and operational momentum.
In addition, the group said it will fully cooperate with the High Court and any appointed judicial managers on the next course of action regarding the subsidiaries’ restructuring process.
Shares of Taghill fell 7.14% or half a sen to 6.5 sen at the time of writing on Tuesday, giving the group a market capitalisation of RM94.83 million. The stock is down 45.83% this year.
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