PRG Holdings Berhad has initiated the process of appointing an independent reviewer to examine issues surrounding a proposed settlement agreement.
In a statement, PRG Holdings said its Board of Directors takes its disclosure obligations, governance standards and fiduciary responsibilities seriously following recent media reports relating to the settlement announced on 23 April 2026.
The company said the Board had acted promptly after reviewing materials informally shared by a shareholder with several non-executive directors, as well as findings from internal and external auditors.
PRG Holdings said multiple special board meetings were convened, with the Board carrying out an in-depth verification process and obtaining independent legal advice to assess the issues raised.
The Board said it was not aware of ownership developments involving Premier De Muara Sdn Bhd (PDM) at the time the proposed settlement was considered.
The company added that Group Managing Director Andrew Chan Lim-Fai had abstained from all discussions and voting involving the related-party transaction and settlement agreement after the Board discovered the matter.
According to PRG Holdings, Chan only participated in providing factual information to the Board to safeguard governance procedures and avoid potential conflicts of interest.
Following its review and consideration of legal advice, the Board resolved to terminate the settlement agreement and made the necessary disclosures to Bursa Malaysia on 19 May 2026.
The company subsequently issued PDM with a statutory demand on 8 June 2026 requiring settlement of outstanding payments owed to Premier Construction (International) Sdn Bhd (PCI) within 21 days.
PRG Holdings said it has since been working towards formal engagement with Bursa Malaysia to ensure compliance with the relevant Listing Requirements.
