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KUALA LUMPUR (July 22): PRG Holdings Bhd’s (KL:PRG) largest shareholder Datuk Ng Yan Cheng has pushed back against what he called one-sided claims that imply he and his family intended to harm PRG, saying such claims ignore the financial support and commercial risks he had taken over the years to support the company during difficult periods.
PRG’s largest shareholder, Ng, who holds a 16.6% stake, said in a statement on Wednesday that a total of RM89.55 million had been provided to PRG and its subsidiaries over the years.
The funding was mainly extended when PRG and its Malaysian subsidiaries did not generate sufficient recurring cash flow to maintain operations and meet financial obligations.
Of the total amount, the bulk of the support went to PRG and its construction unit, Premier Construction (International) Sdn Bhd (PCI), which is currently subject to an independent review. The remainder went to PRG Agro Sdn Bhd and Premier Construction Sdn Bhd.
According to PRG’s latest annual report for the financial year ended Dec 31, 2025, a shareholder advance of RM39.18 million remained on its books, although the identity of the party who provided the advance was not disclosed.
About RM16.64 million of the funding was extended interest-free, while approximately RM73.1 million remained outstanding, according to a statement issued on Ng’s behalf on Wednesday.
The advances currently owed to Ng are unsecured. In 2023, he also accepted PRG shares as partial repayment after the company was unable to settle the amount in cash.
“At difficult moments, I supported PRG because I believed the businesses could be stabilised and shareholder value could ultimately be preserved. The funding helped the group meet operating commitments, pay employee salaries and continue its activities when internal cash generation was insufficient,” he said in the statement detailing the shareholder advances provided to the company and its subsidiaries over the years.
Ng said his financial support should be viewed in the context of the risks he took, noting that the advances were unsecured, mostly interest-free, and that repayment had been extended as PRG faced operational and financial challenges.
He expressed disappointment that his role had been presented without full context, saying some shareholders had exaggerated related-party issues while overlooking the group’s past difficulties.
“What is painful is seeing shareholders being led based on incomplete and misleading narratives to personally attack me and my family. As one of PRG’s largest shareholders, creditors and long-standing financial supporters, I have every reason to want the company to recover. If PRG fails, I risk losing the funds advanced to the group, while the value of my shareholding would also be affected. My interests have always been aligned with PRG’s survival, stability and long-term recovery,” he said in the two-page statement.
Ng also said he supported an independent review of PRG’s past corporate matters, but argued that any investigation should examine the decisions and responsibilities of all relevant parties using the same standards.
“No individual should be above scrutiny, including me. However, scrutiny must not be selective,” he said.
Ng questioned whether statements attributed to PRG's second largest shareholder, Datuk Sheah Kok Fah, aligned with the aim of protecting PRG, saying they had instead contributed to personal attacks against him and his family despite his financial support for the group.
His statement comes after PRG’s board rejected a request by Sheah and three other shareholders to convene an extraordinary general meeting (EGM) to revamp the board, after concluding that their collective registered shareholding did not meet the 10% threshold required under the Companies Act 2016.
On July 8, 2026, the group called for an EGM to remove then managing director Andrew Chan and overhaul PRG’s board, proposing Sheah, Datuk Richard George Azlan Abas and Datuk Dr Teo Tong Kooi as new directors. They also sought to remove directors appointed before the EGM, except their nominees, as well as newly appointed independent director Shahjanaz Kamaruddin. Chan has since resigned citing ‘in the company’s best interests’.
Sheah’s latest action follows his censure of an undisclosed related-party transaction involving a, now-terminated, proposed debt settlement between PCI and Premier De Muara Sdn Bhd (PDM), a property developer linked to Ng. He first called for an independent review of transactions between the companies, which is currently underway.
PRG’s PCI has also started winding-up proceedings against PDM over alleged unpaid construction bills of RM64.24 million.
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