DEFAULT IN PAYMENT
HO HUP CONSTRUCTION COMPANY BHD ("Ho Hup" or "the Company") - DEFAULT IN PAYMENT UNDER PRACTICE NOTE 1/2001 OF BURSA MALAYSIA SECURITIES BERHAD LISTING REQUIREMENTS
Pursuant to the discussion with the auditor of the Company, the Board of Directors of the Company wishes to announce that Ho Hup and one of its subsidiary company were in default of the payments of interest and principal sums in respect of banking facilities granted by AmBank (M) Bhd, CIMB Bank Bhd and RHB Bank. The aggregate amount outstanding as at 31 December 2007 was approximately RM27,359,000. These default require the announcement under Practice Notes 1 of the Bursa Malaysia Securities Berhad Listing Requirements; as the default sum exceeds 5% or more of the net assets of the listed issuer.
1. Reasons for the default in payments
Ho Hup and its subsidiary company were unable to service the loan and interest repayments to the lending banks due to their very tight and insufficient
cashflow as a result of inability to secure new projects in 2007.
2. Measures taken to address the default in payments
Ho Hup was in negotiation with the bankers and was hopeful of procuring the rescheduling of the banking facilities, save in respect of AmBank facilities
which was the subject of a claim by the bank made earlier and disclosed in the 2006 Annual Report.
The AmBank facilities has since 31 December 2007 been fully settled.
3. The financial and legal implications in respect of the default in payments including the extent of the listed issuer’s liability in respect of the
obligations incurred under the agreements for the indebtedness.
The default in payment will result in the whole of the principal amounts becoming payable. However, no demand has been made by the banks, save and
except for AmBank, as disclosed in paragraph 2 above.
4. Whether the default in payment constitutes an event of default under a different agreement for indebtedness (cross default) and the details thereof,
where applicable.
The default in payment will technically cause cross default in all banking facilities granted to Ho Hup and its subsidiary company.
5. Whether the subsidiaries which have defaulted are major subsidiaries
One of the default was committed by Bukit Jalil Development Sdn Bhd , a major subsidiary of the Company. The Company is in discussion with the relevant bank to regularize the overdue amount.
6. Whether the Company is insolvent
Ho Hup and its subsidiary company will be able to settle all their debts in full within a period of twelve (12) months from the date of this announcement
and the Company undertakes to provide Bursa Securities the Solvency Declaration duly executed by the Board of Directors of the Company.
This announcement is dated 23rd April 2008.
After renegade UMNO regime cooperate with bankrupted Singapore's Lee Kuan Yew in using (2968) GPLUS to cheat Malaysian retail traders being exposed by us, the Alex Symbols, we found out that (5169) HOHUP will be the next one. Using technical analysis graph provided by Yahoo Finance Singapore, you can see that the share price of (5169) HOHUP has been manipulated upwards with thin trading volume starting 24-Apr-2008.
So, you can see how crook bankrupted Singapore's Lee Kuan Yew is and how sinful is the renegade UMNO regime !!
Both bankrupted Singapore's Lee Kuan Yew and renegade UMNO regime are using those troubled Bursa Malaysia counters such as (2968) GPLUS, (5169) HOHUP and more in the future to cheat Malaysian retail traders !!!!!!!!!
There are many financially sound and potential counters such as L&G, SAPCRES, SARAWAK, HUBLINE, and those from BMPSI, BMSCI components are being price capped.
We believe the ill-intention of both bankrupted Singapore's Lee Kuan Yew and renegade UMNO regime will manipulate up the share price of (5169) HOHUP to more than 2.00 from 0.54 just to burn the cash of Malaysian retail traders.
HO HUP CONSTRUCTION COMPANY BHD ("Ho Hup" or "the Company") - DEFAULT IN PAYMENT UNDER PRACTICE NOTE 1/2001 OF BURSA MALAYSIA SECURITIES BERHAD LISTING REQUIREMENTS
Pursuant to the discussion with the auditor of the Company, the Board of Directors of the Company wishes to announce that Ho Hup and one of its subsidiary company were in default of the payments of interest and principal sums in respect of banking facilities granted by AmBank (M) Bhd, CIMB Bank Bhd and RHB Bank. The aggregate amount outstanding as at 31 December 2007 was approximately RM27,359,000. These default require the announcement under Practice Notes 1 of the Bursa Malaysia Securities Berhad Listing Requirements; as the default sum exceeds 5% or more of the net assets of the listed issuer.
1. Reasons for the default in payments
Ho Hup and its subsidiary company were unable to service the loan and interest repayments to the lending banks due to their very tight and insufficient
cashflow as a result of inability to secure new projects in 2007.
2. Measures taken to address the default in payments
Ho Hup was in negotiation with the bankers and was hopeful of procuring the rescheduling of the banking facilities, save in respect of AmBank facilities
which was the subject of a claim by the bank made earlier and disclosed in the 2006 Annual Report.
The AmBank facilities has since 31 December 2007 been fully settled.
3. The financial and legal implications in respect of the default in payments including the extent of the listed issuer’s liability in respect of the
obligations incurred under the agreements for the indebtedness.
The default in payment will result in the whole of the principal amounts becoming payable. However, no demand has been made by the banks, save and
except for AmBank, as disclosed in paragraph 2 above.
4. Whether the default in payment constitutes an event of default under a different agreement for indebtedness (cross default) and the details thereof,
where applicable.
The default in payment will technically cause cross default in all banking facilities granted to Ho Hup and its subsidiary company.
5. Whether the subsidiaries which have defaulted are major subsidiaries
One of the default was committed by Bukit Jalil Development Sdn Bhd , a major subsidiary of the Company. The Company is in discussion with the relevant bank to regularize the overdue amount.
6. Whether the Company is insolvent
Ho Hup and its subsidiary company will be able to settle all their debts in full within a period of twelve (12) months from the date of this announcement
and the Company undertakes to provide Bursa Securities the Solvency Declaration duly executed by the Board of Directors of the Company.
This announcement is dated 23rd April 2008.
After renegade UMNO regime cooperate with bankrupted Singapore's Lee Kuan Yew in using (2968) GPLUS to cheat Malaysian retail traders being exposed by us, the Alex Symbols, we found out that (5169) HOHUP will be the next one. Using technical analysis graph provided by Yahoo Finance Singapore, you can see that the share price of (5169) HOHUP has been manipulated upwards with thin trading volume starting 24-Apr-2008.
So, you can see how crook bankrupted Singapore's Lee Kuan Yew is and how sinful is the renegade UMNO regime !!
Both bankrupted Singapore's Lee Kuan Yew and renegade UMNO regime are using those troubled Bursa Malaysia counters such as (2968) GPLUS, (5169) HOHUP and more in the future to cheat Malaysian retail traders !!!!!!!!!
There are many financially sound and potential counters such as L&G, SAPCRES, SARAWAK, HUBLINE, and those from BMPSI, BMSCI components are being price capped.
We believe the ill-intention of both bankrupted Singapore's Lee Kuan Yew and renegade UMNO regime will manipulate up the share price of (5169) HOHUP to more than 2.00 from 0.54 just to burn the cash of Malaysian retail traders.
