Unless otherwise defined, the definitions used in this announcement shall have the same meanings as those defined in the announcements dated 10 December 2025, 26 December 2025, 21 January 2026, 26 February 2026 and 22 April 2026.
Reference made to the Company's earlier announcements dated 10 December 2025, 26 December 2025, 21 January 2026, 26 February 2026 and 22 April 2026 in relation to the Restraining Order ("RO") Application pursuant to Section 368 and other relevant provisions of the Companies Act 2016 by the Company at the High Court of Malaya at Kuala Lumpur.
The Board of Ho Hup wishes to announce the following additional information relating to the Restraining Order Application:
To state the circumstances leading to the withdrawal of the Company's current Restraining Order Application.
Prior to the withdrawal of the RO application, the Company had approached Malayan Banking Berhad ("Maybank") for an amicable solution towards claim against the Company by Maybank. To which end, Maybank was receptive to an amicable solution. The Company has also approached both Ambank Islamic Berhad and Ambank (M) Berhad (collectively "Ambank").
As of today, there are no suit filed against the Company by Ambank. Ambank has merely applied to intervene into the Company's RO application for information of the Company's proposed scheme of arrangement.
Maybank filed its intervening application on 19 January 2026, whilst Ambank filed its intervening application on 16 January 2026. On 25 February 2026, the High Court allowed both Ambank and Maybank to intervene, thereby making them named Respondents in the Company's RO application. The High Court subsequently fixed 22 April 2026 as the hearing date for the Company's RO application.
As stated above, the Company had made positive headway with both banks and as a sign of the Company's good faith towards an amicable solution, the RO application was withdrawn while the Company continues to engaged both banks.
Maybank has also agreed to keep in abeyance its legal proceedings against the Company pending resolution of the dispute between the parties.
To state the identity of the 1st, 2nd and 3rd respondents and to explain the circumstances or event giving rise to their inclusion as defendants in the Company's Restraining Order Application.
The respondents in the Company's RO's application are as follows :
1st Respondent - Ambank (M) Berhad
2nd Respondent - Ambank Islamic Berhad
3rd Respondent - Malayan Banking Berhad
Ambank had intervened as secured creditors. Ambank had earlier extended facilities to the Company, which are secured by way of assets in the formed of stratified properties.
Maybank is an unsecured creditor and had intervened seeking Court's leave (i.e. consent) to continue with Maybank's ongoing suit against the Company.
To also clarify whether the respondents are the same parties involved in the Company's previous Restraining Order Application (withdrawn) as announced on 5 December 2025.
All the three Respondents, Ambank (M) Berhad, AmIslamic Berhad and Malayan Banking Berhad are also the same respondents in the first RO filed initially by the Company.
To explain whether the withdrawn Restraining Order Application are expected to have any financial and operational impact to the Company and its subsidiaries (Group).
The withdrawal of the RO Application is not expected to have any material financial and operational impact to the Company and its subsidiaries (Group). As mentioned above, prior to the withdrawal of the RO application, the Company had prior consensus from Maybank to maintain the status quo of its suit against the Company. Furthermore, the Company is currently classified as a PN17 issuer and is undertaking a restructuring scheme.
Steps taken or proposed to be taken by the Company following the withdrawal of the Restraining Order Application.
The Company and its advisers shall continue engaging all parties concerned, including Ambank and Maybank, to finalise a scheme of arrangement amenable to all parties. The Company envisages that a court convened creditors' meetings will be held for final sanction of a scheme of arrangement.
This announcement is dated 27 April 2026.