PETALING JAYA: Ho Hup Construction Co Bhd is disposing of two properties in Bukit Jalil, Kuala Lumpur, to Premium Realty Sdn Bhd and Sensecube Sdn Bhd for a total of RM13mil.
In a filing with Bursa Malaysia, Ho Hup said the properties are located at Level 5 and Level 6 of Ho Hup Tower, in Bukit Jalil. Ho Hup said the proceeds from the proposed disposals will be utilised for repayment of the borrowings and for general working capital purposes.
“The proposed disposals are part of the company’s restructuring strategy to monetise its non-current assets. Proceeds from the proposed disposals will be preferentially allocated to pare down the borrowings.
“The proposed disposals are not expected to have material impact on the gearing on Ho Hup Group as the total disposal price is only RM13mil or 2.55% of the group’s total borrowings of RM509.14mil as at Dec 31, 2023.”
