KUALA LUMPUR (Nov 25): Ho Hup Construction Company Bhd (KL:HOHUP) has resolved a winding-up petition filed by its supplier, Joterix Sdn Bhd, over an alleged unpaid sum of RM184,438.80.
The petition, initiated in late August, sought an unpaid sum of RM184,438.80, alongside statutory interest of 5% per annum from March 1, 2024 and costs of RM3,000, according to Ho Hup Construction’s bourse filing dated back then.
Despite the claims, Ho Hup assured that the unpaid sum represented only 0.055% of its net assets and it does not expect to incur any losses arising from the winding-up petition, save for the legal fees and disbursement involved in the winding-up petition, it said.
In a filing on Monday, Ho Hup said it received a sealed court order dated Nov 21, 2024 which said the winding-up petition has been struck out with liberty to file afresh and that Joterix’s deposit of RM3,000 will be refunded.
Apart from this, Ho Hup’s 52.5% indirect subsidiary, Golden Wave Sdn Bhd (GWSB), was on Oct 14 served with another winding-up petition filed by Eko Bina Sdn Bhd. The winding-up petition is related to a payment dispute tied to a serviced apartment and retail unit project in Kota Kinabalu, Sabah.
The petition stems from an adjudication ruling made in December last year, which awarded Eko Bina, a wholly-owned subsidiary of Ecobuilt Holdings Bhd (KL:ECOHLDS), RM23.16 million in its dispute with GWSB concerning payments owed during the construction process.
GWSB had in January 2021 awarded a RM166.37 million contract to Eko Bina, formerly known as E&J Builders Sdn Bhd, to serve as the main contractor for the Kota Kinabalu project, located along Jalan Wawasan. The project had been scheduled to be completed in May 2022.
Ho Hup Construction’s share price closed 3.5 sen or 20.59% higher at 20.5 sen on Monday, bringing the group a market capitalisation of RM106 million.