KUALA LUMPUR: Ho Hup Construction Company Bhd today clarified that Ho Hup Infrastructures Sdn Bhd, a company which was served with a winding-up petition, is no longer an indirect subsidiary of the company.
The winding up petition on HH Infra appeared in New Straits Times' classifieds dated July 16, 2024.
Ho Hup in a filing with Bursa Malaysia Securities said HH Infra ceased to be an indirect subsidiary of Ho Hup with effect from Mar 31, 2024 when it was sold to Teguh Padu Sdn Bhd for RM1 million.
The disposal was completed on March 31, 2024.
Ho Hup did not announce the disposal because it was not considered material and was not a related party transaction.
Ho Hup's share priced jumped 14 per cent to 15.5 sen a share today, as investors ran up construction stocks on expectations of higher infrastructure spending.
It has a market capitalisation of RM80.3 million.