PRG Holdings Initiates Independent Review After Terminating Proposed Settlement Agreement
PRG Holdings is appointing an independent reviewer after terminating a settlement agreement following governance concerns and ownership discoveries.Summary
PRG Holdings Bhd has begun the process of appointing an independent reviewer to investigate issues surrounding a proposed settlement agreement announced on April 23, 2026. The decision follows media reports and information shared by a shareholder, which prompted the Board of Directors to conduct an in-depth verification process and seek independent legal advice.
The Board revealed it was unaware of ownership developments regarding Premier De Muara Sdn Bhd (PDM) when the settlement was initially considered. To maintain governance standards, Group Managing Director Andrew Chan Lim-Fai abstained from all discussions and voting related to the transaction, providing only factual information to the Board.
Consequently, the Board terminated the settlement agreement and notified Bursa Malaysia on May 19, 2026. On June 8, 2026, PRG Holdings issued a statutory demand to PDM for outstanding payments owed to Premier Construction (International) Sdn Bhd (PCI) and is currently coordinating with Bursa Malaysia to ensure full compliance with Listing Requirements.
(Source：Businesstoday | Malaysia)