KUALA LUMPUR, Omesti Holdings Bhd a substantial shareholder of Ho Hup Construction Co Bhd, has called for an extraordinary general meeting (EGM) to propose changes to the construction company’s board.
Omesti, which holds a 10.4% stake in Ho Hup, is seeking shareholder approval at the EGM — scheduled for Nov 20 — to remove two existing directors, executive director Datuk Wong Kit-Leong and director Low Kheng Lun, and to appoint Ong Koon Loong and Bernard Chen Tong Liang as their replacements, according to a bourse filing on Wednesday.
The ICT solutions provider is also proposing that any new appointments to Ho Hup’s board made between the date of its notice and the EGM be revoked. No rationale was provided for the proposed changes.
Wong has served on Ho Hup’s board since August 2010, while Low has been a director since October 2011. Wong owns a 0.029% direct stake in the company, while Low holds 4.42% indirectly through family vehicle Low Chee Group Sdn Bhd.
Omesti’s nominees bring extensive experience in corporate and financial management. Ong has two decades of expertise in audit and finance, having served as chief financial officer at Asdion Bhd and as chief risk and compliance officer at Managepay Systems Bhd. Chen, meanwhile, has over 30 years of experience in corporate finance, banking, asset management and business advisory, and has held senior roles at OCBC Bank (M) Bhd and as CEO of BIB Insurance Brokers Sdn Bhd under the Hong Leong Group.
Ho Hup has been grappling with financial challenges since early this year. The company was classified as a Practice Note 17 (PN17) entity in April after its wholly owned subsidiary, Bukit Jalil Development Sdn Bhd, defaulted on RM112.69 million in loans guaranteed by Ho Hup.
The group has been loss-making since 2021, with its latest financial results showing a net loss of RM275.9 million on revenue of RM2.31 million for the quarter ended June 30, 2025, primarily due to impairment charges. For the 18-month period ended June 30, 2025, Ho Hup reported a cumulative net loss of RM473.25 million on RM57 million in revenue.
Ho Hup shares closed one sen or 40% lower at 1.5 sen on Wednesday, giving it a market capitalisation of RM7.77 million. Omesti shares fell half a sen or 6.25% to 7.5 sen, valuing the company at RM82.6 million.
