KUALA LUMPUR (Dec 30): A creditor has filed an application for Maju Holdings Sdn Bhd to be placed under interim judicial management in light of offers to take over the highway concessionaire.
Pembinaan Melima Sdn Bhd filed the notice on Dec 22 to apply for the appointment of SS Surendran and Victor Saw Seng Kee from PricewaterhouseCoopers to preserve the status quo and protect Maju Holdings’ assets that include the prized MEX I Expressway.
The company also sought a review of financial records, management and administration, and to verify the debts owed by Maju Holdings.
The application filed by Messrs Adam Haikal on behalf of Pembinaan Melima comes as AFA Infrastructure and Development Sdn Bhd and Hitech Nexus (M) Sdn Bhd officially expressed interests to take over the MEX I and MEX II highways from Maju Holdings Sdn Bhd.
Another creditor, Bridgex Sdn Bhd, is supporting Pembinaan Melima’s application to put Maju Holdings under interim judicial management.
Pembinaan Melima also wants the interim judicial managers to study the expressions of interest by two companies to acquire MEX 1 and MEX II, as well as evaluate the feasibility of Maju Holdings’ restructuring scheme and appoint professionals to perform commercial and legal due diligence.
Maju Holdings owes Pembinaan Melima RM31.370 million, according to a supporting affidavit filed by its director Toong Ah Tea.
The matter came up before High Court Judicial Commissioner Suhendran Sockanathan @ Saheran Abdullah on Tuesday. Adam, the counsel for Pembinaan Melima, wants to proceed with the hearing of the appointment of an interim judicial manager.
However, Maju Holdings counsels Nakeeran Kumar and Datuk Jasbeer Singh replied that they needed time to reply to Pembinaan Melima’s affidavit and check with the company owner Tan Sri Abu Sahid Mohamad.
“As it is the end of the year and people are on holiday, we may need some time to verify the facts and the proposal made by the two companies. Furthermore, Abu Sahid is not well. We need time to reply to the application,” Nakeeran told the court.
Bridgex backs Pembinaan Melima’s bid
Bridgex, another company which Maju Holdings owes close to RM68 million, is supporting Pembinaan Melima’s application for Maju Holdings to be placed under interim judicial management, according to its counsel Ivanpal Singh Grewal.
The company had applied for Maju Holdings to be wound up since 2023, “only for it to be scuttled and delayed for 17 months before last month’s decision”, Ivanpal added.
Suhendran dismissed Maju Holding’s application for the company to be placed under judicial management and allowed Bridgex’s application for the company to be wound-up be heard.
However, a hearing of the winding-up has been put on hold following Pembinaan Melima’s application for an interim judicial management. Both Adam and Ivanpal opposed the adjournment of the hearing for an interim judicial manager.
Also present in the hearing as watching brief for the Maju Holdings sukuk holders was Mervyn Lai.
After hearing the arguments, Suhendran scheduled Jan 26, 2026 for the hearing on the appointment of an interim judicial manager.
The court ordered Nakeeran and Jasbeer to file their affidavit in reply between Jan 9 and Jan 12, and Pembinaan Melima and Bridgex to file their reply to Maju Holdings’ affidavit by Jan 16.
Abu Sahid, his wife and former director Datuk Yap Wee Leong have been charged for criminal breach of trust and money laundering over the unfinished 16.8km MEX II highway project.
Abu Sahid’s wife Puan Sri Noor Azrina Mohd Azmi, meanwhile, is charged with one count of money laundering for receiving RM67.1 million from her husband.