HO HUP EGM RESTRAINED BY HIGH COURT

KUALA LUMPUR (FEBRUARY 4, 2010) : The much too often mentioned shareholders’ Extraordinary General Meeting of Ho Hup Construction Berhad fizzled out today when the organisers of the EGM were served with an interlocutory injuction restraining them for convening the meeting.
The injuction was taken out by Extreme Systems Sdn Bhd which is a major shareholder holding 27 per cent stake in the PN17 status company currently plagued by a tussle for management control.
The EGM was called for by Datuk Low Tuck Choy who also acts for Low Chee & Sons the company founded by Low Chee who is also the founder of Ho Hup. Low Chee & Sons control 23 per cent stake in the company and is represented by Datuk Low’s sibling Low Teik Kien in the present borad of directors.
This morning’s meeting which was to have convened at the Sime Darby Convention Centre in Bukit Kiara here, saw a trickle of shareholders turning up only to be notified by Ho Hup’s secretarial registration staff manning the venue that the EGM had been halted by way of a court order.
The meeting was to have covened at 10 am. Shortly before that, the lawyers for Extreme Systems Sdn Bhd William Leong & Co represented byits lead counsel William Leong Jee Keen turned up to served the restraining order.

The order was served on a registration staff at the entrance of the convention hall after being notified that the shareholders meeting had been restrained by the Kuala Lumpur High Court.
Shortly after, the LED venue display at the entrance to the convention hall read CXL ( cancelled). Mr William Leong went on to relay the contents of the restraining order to members of the media present.
He said the hearing was conducted over two days from Tuesday afternoon and the order was meted out by Judge Mah Weng Kwai in Chambers last night.
The restraining order was to pave the way for pending suit by Extreme Systems against the defendants which constitute Ho Hup Contruction Bhd and 28 others.
As such the order prevents Ho Hup Construction Berhad, former managing director Datuk Low Tuck Choy who holds 3 per cent share via Low Chee & Sons which holds 23 per cent and individual shareholder Choo Soo Har who holds 2 per cent share and 19 other minority shareholders from conveneing the EGM.
THE EGM was intended to vote out the present board of directors and appoint a board selected by Datuk Low . The directors named to be voted out ars Executive Vice Chairman Datuk Vincent Lye ( who owns Extreme Systems), the present managing director Lim Chong Choy, Dato Liew Lee Leong, Lai moo Chan, Longf MD Nor Amran Long Ibrahim, Modh Shahril Tan Sri Hamzah and Foo Ton Hin. The only board member whom the conveners plan to retainwas Low Teik Kien.
The EGM was convened in an attempt to vote in Tan Sri Kamarulzaman Shariff who is also director of Magna Prima Sdn Bhd, Hew Chin Tay, Yusob Md Tasir, D. Felix Dorairaj, Haji Slamat Hamzah and Chow Seck Kai.
An oral application for a stay of the restraining order by counsel Mr Rabindra Nathan who represented shareholders Datuk Low Tuck Choy , Chan Bee Ling, Low Lai Yong , APT Avenue Sdn Bhd and Tung Yin Peng was dismissed with costs.
Extreme Systems was represented by councel S. Suhendran.
Both Datuk Low as well as Datuk Vincent nor any other board member was present this monring at the venue.

Ends.