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| Flash Ho Hup shareholders block land sale |
| Written by Tony Goh | |||
| Wednesday, 08 July 2009 12:27 | |||
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PPSB is a subsidiary of Magna Prima Bhd. Ho Hup's deputy executive chairman, Datuk Lye Ek Seang is also a director of Magna, while Lim Ching Choy, who was appointed Ho Hup's managing director on June 1, was a former executive director in Magna up to May 14, 2009. The 10.865 acres of freehold land in Bandar Bukit Jalil, cost Ho Hup RM11.82 million in initial investment in Sept 12, 1995. The deal was suppose to net the company RM7.58 million in gain from disposal. However, shareholders approved the proposal to sale another piece of land, measuring 5.5 acres, also in Bandar Bukit Jalil to Santari Sdn Bhd for RM9.23 million. Ho Hup had planned to use the expected RM29.24 million from the disposals to reduce its borrowings of RM104.5 million at end-2008.
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