JIT News - PJI, Ho Hup ... 11/2/2011

PJI: The RM55.9 million sub-contract win from IJM Construction Sdn Bhd may be a sign that PJI Holdings Bhd is poised for a turnaround in fortunes in 2011, after having endured six years of losses. PJI is in the process of finalising procedures for its rights issue and capital reduction, with hopes that the exercise will be completed by the end of March 2010 which would be the end of its third financial quarter.

It has secured a RM55.89-million sub-contract from IIM Construction Sdn Bhd for a college in Kedah. The proposed project is not expected to have any significant impact on the net asset per share and share capital, but is expected to improve the consolidated earnings and gearing of PJI Group.



Ho Hup: Practice Note 17 (PN17) company Ho Hup Construction Company Bhd hopes to complete its restructuring exercise by the third quarter of 2011. The disposal of 3.32 acres of land in Bukit Jalil for RM9.55 million would include the acquisition of assets from its white knight as well as a capital reduction. Following this, the company will focus on property development, as well as growing our ready-mix concrete business and niche construction works. The company was also in the midst of seeking a three-month extension from Bursa Malaysia Securities for its PN17 regularisation plan to May 4, 2011.