|Subject||WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR|
|Description||WINDING-UP PETITION ON BOUSTEAD NAVAL SHIPYARD SDN BHD (“BNS”), A SUBSIDIARY OF THE COMPANY BY MTU SERVICES (MALAYSIA) SDN BHD (MSM)|
Reference is made to the announcements dated 3 July 2020, 7 July 2020, 13 October 2020, 30 October 2020, 27 January 2021, 25 February 2021, 30 March 2021, 2 June 2021, 3 September 2021 and 4 October 2021, on the receipt of a Winding-up Petition (“Petition”) by Boustead Naval Shipyard Sdn Bhd (“BNS” or “Applicant”), a subsidiary of the Company, and on the grant and extension of an ad interim restraining order in relation to BNS’s application pursuant to sections 366 and 368 of the Companies Act 2016 (“Act”).
The Board of Directors of Boustead Holdings Berhad (“BHB” or the “Company”) wishes to announce that on 29 November 2021, the High Court of Kuala Lumpur granted an ad interim restraining order pending the hearing of BNS’s application for an extension of time for leave to convene the creditors’ meeting and an extension of the restraining order (“BNS’s Extension Application”). The ad interim restraining order will be in place until the disposal of BNS’s Extension Application, where this is set for hearing on 25 January 2022.
BNS’s Extension Application is part of BNS’s overall restructuring and rehabilitation plan by way of a proposed scheme of arrangement with its creditors. BNS has appointed Ernst & Young PLT as its financial advisors to assist in the proposed scheme of arrangement.
The ad interim restraining order is not envisaged to have any material financial and operational impact to BHB.
Further developments on the above matter will be announced to Bursa Malaysia Berhad in due course.
The Board will make the relevant update announcement(s) in relation to the foregoing as and when there are material developments on the same.
This announcement is dated 30 November 2021.
|Company Name||BOUSTEAD HOLDINGS BERHAD|
|Date Announced||30 Nov 2021|
|Category||General Announcement for PLC|