Ho Hup problems almost over, close to exiting PN17 status

KUALA LUMPUR: The lengthy process of restructuring financially-distressed Ho Hup Construction Co Bhd is nearly over as the property-cum-construction company prepares to exit PN17 status.

Its executive director, Derek Wong Kit-Leong, said the company “is finally out of the woods” as the creditors and shareholders had approved the proposed restructuring exercise involving a capital reduction, a rights issue of loan stocks with free detachable warrants and a scheme to pay its creditors.