KUALA LUMPUR (Jan 10): Ho Hup Construction Company Bhd (KL:HOHUP), which has just resolved a winding-up petition in November filed by a diesel fuel supplier, has been served with yet another winding-up petition from a cement supplier due to an alleged unpaid sum of RM2.5 million.
The latest winding-up petition was filed by Negeri Sembilan Cement Industries Sdn Bhd (NSCI) against Ho Hup and its 90%-owned subsidiary, Tru-Mix Concrete Sdn Bhd. The alleged unpaid sum comprises an outstanding payment of RM2.14 million and a late interest payment of RM358,004, calculated at a rate of 1.5% per month on the principal sum.
In a bourse filing Friday, Ho Hup said the claims against the group were made pursuant to a corporate guarantee it extended on behalf of Tru-Mix, which it said is not a major subsidiary based on listing rules, and that it is seeking legal advice on the matter. "Based on our audited financial statements for FY2023, Tru-Mix's total assets employed are RM9.35 million, which accounts for only 0.77% of Ho Hup's total assets of RM1.22 billion," it said.
At present, Ho Hup does not expect any financial or operational loss from the petition, aside from legal costs and expenses related to this matter.
On Nov 25, Ho Hup announced that the winding-up petition filed by Joterix Sdn Bhd over an alleged unpaid sum of RM184,438.80 had been struck out after the matter was settled amicably between the parties.
Shares of the Main Market-listed company settled unchanged at 14.5 sen on Friday, giving the company a market capitalisation of RM77.83 million.