Ho Hup Construction Company Berhad had entered into a Sale and Purchase Agreement with Microlink Solutions Berhad for the disposal of the Unit No. B-08-01 Ho Hup Tower, Aurora Place @ Bandar Bukit Jalil, No. 1, Persiaran Jalil 1, Bandar Bukit Jalil, 57000 Kuala Lumpur for a total consideration of RM8.35 million.
The company said the disposal is subject to Bukit Jalil Development Sdn Bhd’s consent to be obtained within four months from the date of Sale and Purchase Agreement. The property is located at Level 8 of Ho Hup Tower with the postal address of B-08-01, Level 8, Ho Hup Tower – Aurora Place, Plaza Bukit Jalil, No 1, Persiaran Jalil 1, Bandar Bukit Jalil, 57000 Kuala Lumpur.
The date of the SPA entered between HHJ and the Developer is on 21 September 2016 with the purchase price of RM6,517,641.00. The book value of the Property based on the latest audited financial statement as at 31 December 2022 is RM8,350,000.00, which is also the market value as appraised by the independent professional valuer based on its valuation report dated 25 April 2023.
Ho Hup will nor gain nor make a loss on this transaction, it however says the proceeds from the disposal will be used to reduce borrowings.
The propose disposal it said is in line with the group’s exercise to streamline, re-align and re-focusing the business entities and activities in view to improve the future profitability of the group.
