PETALING JAYA: Ho Hup Construction Co Bhd is disposing of a parcel of freehold commercial development land measuring 12,492 sq metres in Kuala Lumpur to EXSIM Persiaran Jalil Sdn Bhd for RM110mil.
In a filing with Bursa Malaysia, Ho Hup said it had, in the preceding financial year, initiated and executed a series of restructuring and rationalisation exercises aimed at enhancing business operations, optimising asset allocation, as well as de-gearing its balance sheet.
“The land is situated within Bukit Jalil and alongside Jalan 13/155C, Bandar Bukit Jalil and Persiaran Jalil Utama, which is approximately 17 kilometres south-west of the Kuala Lumpur city centre.
“The management of the company remains committed to evaluating and realigning the group's resources in response to its high gearing, aligning with the group's strategic priorities.”
Ho Hup said the proposed disposal offers an opportunity to improve liquidity and fortify the group's financial position.
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