KUALA LUMPUR: Ho Hup Construction Co Bhd said its new revamp plan would include issuing more rights shares to raise more money to help develop the 24-3ha plot of land in Bukit Jalil which it won back in a legal tussle recently- "It (regularisation plan) would be better than what we had proposed earlier," Ho Hup executive director Derek Wong said after the company's annual general meeting yesterday- He said the group would finalise the plan in the next two to three weeks and make a submission to Bursa Malaysia- He did not disclose details of the re-tweaked rights issue, but said other measures proposed earlier would stay the same- In March this year, the company had proposed several measures to improve its financial position in order to lift the company from its Practice Note 17 (PN17) status- The proposals included a par value reduction by 50 per cent followed by a rights issue of 51 million new shares with detachable warrants and a private placement to raise proceeds of RM30-6 million- "Once the plan is announced, we are confident that we would be out of the PN17 status latest by end of the year," he added- Ho Hup had been working to regularise its financial condition since being listed as a PN17 company in July 2008- After more than a year of litigation, the Kuala Lumpur High Court ruled in favour of Ho Hup on June 7 by declaring null and void a joint development agreement between the latter's 70 per cent owned subsidiary, Bukit Jalil Development Sdn Bhd, and Pioneer Haven Sdn Bhd, a wholly-owned unit of Malton Bhd- The finalisation of the court decision would enable Ho Hup to proceed with its financial regularisation plan, which had been delayed pending the outcome of the suit- He said the company wants to be a significant property player and is focussed on developing the land in Bukit Jalil into a commercial success- Ho Hup plans to develop the land with a gross development value of RM4 billion-RM5 billion on its own- It plans to rely on borrowings and a proposed rights issue for financing- "The plan involves nine million sq ft of net saleable area with another two million sq ft of car park space," said Wong- The first phase of the project valued around RM700 million- RM800 million is expected to be launched by year-end- ...

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