|Subject||WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR|
|Description||WINDING-UP PETITION ON MIDAS MAYANG SDN BHD (“MIDAS MAYANG”), AN INDIRECT SUBSIDIARY OF THE COMPANY BY R ZAIN ASSOCIATES (“THE PETITIONER”)|
Reference is made to the announcement dated 21 March 2023 on the receipt of a Winding-up Petition (“Petition”) by Midas Mayang Sdn Bhd (“Midas Mayang”).
The Board of Directors of the Company wishes to add that;
1. Midas Mayang is not a major subsidiary of the Company.
2. As at 31 December 2022, the cost of investment in Midas Mayang by the Group is RM8 million.
3. The Petition is not expected to have material impact on the Group, financially and operationally.
4. The expected losses arising from the Petition is RM1,366,914.59 based on the claim made by the Petitioner.
This announcement is dated 23 March 2023.
|Company Name||BOUSTEAD HOLDINGS BERHAD|
|Date Announced||23 Mar 2023|
|Category||General Announcement for PLC|