KUALA LUMPUR: PRG Holdings Bhd is facing a RM21.22 million statutory demand from its largest shareholder, Datuk Ng Yan Cheng, amid an ongoing governance dispute involving PRG's subsidiary and a property development company linked to Ng.

In a filing with Bursa Malaysia, PRG said it received the demand on June 30 from Messrs Yap Siew Yee & Co, acting on behalf of Ng, who is PRG's largest shareholder with a 16.39% stake.

The RM21.22 million comprises advances made by Ng to PRG, and he is demanding repayment within 21 days, failing which he may commence winding-up proceedings against the company.

"Ng is suing Ng because Ng refuses to pay Ng... in short, that is the situation," said an observer who has been following the case.

Despite the comedic nature of the statement, it appears to reflect the situation, given that Ng is the largest shareholder of PRG.

He is effectively demanding RM21.22 million from his own company.

Meanwhile, the demand comes after PRG's subsidiary, Premier Construction (International) Sdn Bhd (PCI), issued a separate statutory demand on June 8 for RM64.24 million in outstanding payments from Premier De Muara Sdn Bhd (PDM), the property development company linked to Ng, for the Picasso Residences project.

The payment deadline for the RM64.24 million has since lapsed.

The governance issue at PRG first came to light when the company informed Bursa Malaysia on April 23, 2026, about a proposed debt settlement transaction.

The debt of RM37.17 million arose from PCI's appointment as the main contractor for the 472-unit Picasso Residences project in Kuala Lumpur under a Letter of Award dated May 30, 2022. PDM was the project's developer.

The proposed debt settlement involved approximately RM37.17 million owed by PDM to PCI, to be settled through the transfer of 12 condominium units valued at RM13.73 million.

This left a remaining balance of RM23.44 million, with no clearly disclosed recovery mechanism.

The agreement was subsequently terminated on May 19 after the related-party transaction (RPT) connection between PDM and Ng was revealed.

On June 8, PCI then issued a statutory demand to PDM for RM64.24 million in outstanding payments for completed construction works on the Picasso Residences project in Kuala Lumpur.

As a result, the amount claimed had increased from RM37.17 million to RM64.24 million.

On June 25, PRG shareholders voted down three of the six resolutions tabled at the company's annual general meeting, including proposals on directors' fees and allowances, a mandate to issue new shares, and a share buyback.