Developer In Default
HO HUP CONSTRUCTION COMPANY BHD Stock Name : HOHUP Date Announced : 23/04/2008 Type : Announcement Subject : 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 Contents : 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. ______________________________________________________________________ Is our new JMB aware or taken note of this? Will it affect the smooth running of the JMB?

gua baru nak post isu ni tapi nampaknya tks, lu lagi cepat. tapi ta'pa....... siapa post pun sama saje. pasal jmb....... entahlah. gua dengar ramai ajk persatuan penduduk jadi ahli jmb so mungkin mereka ta'kan guna forum ni jugak :roll: eh, kalo bank tarik balik pinjaman dan lelong tanah bjd, kita orang apa jadi?????

the new JMC committee listing is on the notice board. Have name, unit no and h/p but no email. still dont want to use the net to communicate kut? takut computer? maybe JMC can take this as first assignment. Go find out if the annoucement have any implication on JDA residents since Bukit Jalil Development Sdn Bhd's name was mentioned. :)

eh sf..... gua baru nampak tu jmc punya notis. ada email listing da..... :wink:

oh ya ka? maybe sudah update :p kalau ada perubahan, bagus la. Why dont JMC also post the improvements they hv done la, promote sikit...tak kan nak kena belasah je everytime, must also praise if job well done la.

this only means one thing. everybody shouldn't pay maintenance fees. as all collected money will be used by BJD to bayar hutang. that explains why the shit lift is down for 2 weeks. the guards are sleeping........... illegal parking everywhere. i think even the clamps were sold to get money to pay off bad debts by BJD. Indera Management Services(IMS) is a joke... sitting there doing nothing. I think i should also open another management company and collect money only. no need to render any services. As my friends used to say : WHY COMPLAINT ABOUT THE SERVICE?? ANSWER : First thing to know is, there is NO SERVICE in the first place. So how can we complain about the service by BJD/IMS... :lol:

i pun tak tau. i only see "some" notice from JMB. itu saja