KUALA LUMPUR: Former managing director Datuk Low Tuck Choy failed yesterday to get re-elected as a director of Ho Hup Construction Co Bhd, ending a 24-year relationship with the company’s board.
“I have served the company for 24 years, 14 of which were as managing director,” he told reporters after the company AGM yesterday.
Low had been suspended as managing director of Ho Hup in late August for allegedly breaching his duties.
He filed a suit in the Kuala Lumpur High Court on Monday, seeking damages against two current Ho Hup directors for defamation after they alleged that he had breached or neglected his duties and responsibilities.
Asked about the defamation suit, Low said the action was to clear his name.
“I didn’t mention any amount of compensation in the suit,” he said.
On reports that the Low family might sell its stake to a Middle Eastern-linked fund, he said: “The party may have approached my siblings but I was not aware of it.”
“I didn’t receive any offers from any parties but I will consider disposing the shares if the offer price is attractive,” he said, adding that his family currently held about 27%of Ho Hup.
He estimated Ho Hup’s asset value at over RM300mil.
Low said his family would likely maintain their position as the second largest shareholders of Ho Hup, after Extreme System Sdn Bhd, which has a 27.95% stake.
Ho Hup, founded by Low’s late father, is now a PN17 company with liabilities of over RM100mil.
Executive director Faris Najhan Hashim said the company was preparing its regularisation plan and would submit to relevant authorities before March 31, 2009.
Meanwhile, three other directors - Mustapha Mohamed, Zainal Abidin Mohd Yusof and Lee Chong Hoe - did not seek re-election.