Former PRG Holdings Berhad Group Managing Director and Executive Vice Chairman Lua Choon Hann has called on the company’s two largest shareholders to resolve their differences through dialogue, warning that the prolonged corporate dispute risks undermining the group’s future and eroding shareholder value.
In an open letter addressed to PRG major shareholders Datuk Ng Yan Cheng and Dato’ Sheah Kok Fah, Lua appealed for reconciliation, saying neither side would emerge as a true winner if the ongoing power struggle continued.
The appeal comes amid an escalating corporate battle between Ng, who holds a 16.6% stake in PRG, and Sheah, who owns 8.14%, with both camps seeking to influence the future direction of the Main Market-listed property and manufacturing group.
Having served PRG for nine years between 2013 and 2024, Lua said he remained deeply attached to the company and believed its long-term interests should take precedence over personal differences.
“PRG is a company that many people have devoted years of hard work to building. It has been through ups and downs, and we have overcome numerous challenges throughout its journey,” he said.
He described the current dispute as “a battle in which there are no real winners”, cautioning that prolonged uncertainty would ultimately affect shareholders, employees, customers, business partners and other stakeholders.
Lua urged both shareholders to return to the negotiating table and engage in open and constructive discussions to resolve their differences.
He said the company should instead focus on strengthening its corporate governance framework and implementing effective checks and balances to restore investor confidence.
“Corporate governance should never be viewed as a contest between individuals. It should be viewed as a shared responsibility to protect the interests of all shareholders and ensure the long-term sustainability of the company,” he said.
According to Lua, regardless of the outcome of the current corporate contest, both shareholders would continue to play important roles in PRG’s future.
He noted that while Ng remains the company’s largest shareholder, Sheah has demonstrated significant shareholder backing.
“If Datuk Ng wins the battle, he still has to contend with Datuk Sheah having the current majority block of shareholder support.
“If Datuk Sheah wins, he too needs to continue working with Datuk Ng, as he is the single largest shareholder,” he said.
He added that a prolonged stalemate would only divert management’s attention from running the business, weaken market confidence and diminish shareholder value.
Lua also acknowledged the contributions made by both parties to the company’s development over the years.
He said Ng had supported PRG during challenging periods, while Sheah had also made meaningful contributions, particularly through their joint venture in the Embayu@ Damansara West development, which he described as one of the company’s notable success stories.
“Their respective contributions to PRG should be recognised and respected,” he said.
Concluding his letter, Lua urged both sides to place the company’s interests above personal differences and work together to restore stability.
“The company deserves stability and its employees deserve certainty. Its shareholders deserve leadership that is capable of working together and ultimately creating shareholder value,” he said.
Expressing optimism that an amicable solution could still be achieved, Lua said history would remember those who chose to safeguard the company’s future rather than prolong a corporate dispute.
“PRG has tremendous potential. Let us not allow conflict to define its future. Let us bring PRG back to its glory days,” he said.
The open letter marks the latest development in the ongoing shareholder tussle at PRG Holdings, which has attracted significant attention from investors as competing factions seek greater influence over the company’s governance and strategic direction.
