“Ho Hup shareholders oust the last founding family director and block RM500,000 fees amid a growing boardroom battle with major shareholder Omesti.”
Kuala Lumpur, 02nd December 2025, 10.55am – Ho Hup Construction Company Bhd (KL:HOHUP) saw its shareholders vote against the re-election of Datin Chan Bee Leng — the final representative of the company’s founding family on the board — at its annual general meeting on Monday. Shareholders also rejected RM500,000 in directors’ fees.
Chan is the wife of Datuk Low Tuck Choy, whose family founded Ho Hup. Low ceased to be a substantial shareholder on Oct 22, 2025. Their son, Kheng Lun, was earlier removed as a director through an extraordinary general meeting (EGM) called by major shareholder Omesti Holdings Bhd (KL:OMESTI).
A filing to Bursa Malaysia showed that 17 shareholders, representing 96.1% of the votes, opposed Chan’s reappointment, while 10 shareholders holding 3.9% supported her.
Separately, 12 shareholders holding nearly 70% of voting rights voted down directors’ fees for January–June 2025 and the financial year 2026. Thirteen shareholders, representing 30.08%, were in favour.
The rejection follows an intensifying boardroom conflict between the founding Low family and Omesti. Tensions heightened after Omesti issued a notice on Oct 22 to remove executive directors Kheng Lun and Datuk Wong Kit-Leong. At the Nov 20 EGM, both were replaced by Omesti’s nominees, Ong Koon Loong and Bernard Chen Tong Liang.
The Low family’s investment arm, Low Chee Group, ceased to be a major shareholder on Oct 16. A year earlier, it held 9.09%, making it the second-largest shareholder after Omesti’s 10.89%.
Ho Hup has been loss-making since 2021 and was classified as a Practice Note 17 (PN17) company in April following a loan default by its wholly owned unit, Bukit Jalil Development Sdn Bhd, involving RM112.69 million for which Ho Hup served as guarantor.
For the first quarter ended Sept 30, 2025, the group trimmed its net loss to RM1.7 million, compared with RM18.7 million a year earlier, despite revenue halving to RM2.2 million.
Ho Hup changed its financial year-end from December to June in February. For the 18 months to June 30, 2025, it recorded a net loss of RM473.25 million on revenue of RM57 million.
At Monday’s midday break, Ho Hup’s shares remained at five sen, valuing the company at RM26 million. The stock has dropped 68% year to date.
