Winding Up / Receiver & Manager / Restraining Order / Special Administrator

The Board of Directors of Boustead Holdings Berhad (“the “Company”) wishes to announce that Midas Mayang, a subsidiary of Boustead Hotels & Resorts Sdn Bhd which in turn is a wholly owned subsidiary of Boustead Properties Berhad, which in turn is a wholly owned subsidiary of Boustead Holdings Berhad, has been served with a Winding-up Petition (“Petition”) on 14 March 2023 by the Petitioner.

The Petitioner alleges, in the Petition, that Midas Mayang is indebted to them for the total sum of RM1,366,914.59 purportedly being professional fees for the work done pertaining to the development of Phase 2, Royale Bintang Villas Cherating project.

It is relevant and important to note that the Petitioner has not obtained any judgement from the Court on their claim and the amount allegedly due and owing to them. The Petitioner filed the Petition on grounds that Midas Mayang purportedly is unable to settle its debt to the Petitioner. Midas Mayang intends to contest such claim and shall be filing the Affidavit in Opposition in due course.

The Directors, upon consultation with the solicitors are of the view that Midas Mayang has a fair chance in opposing the Petition.

Further announcement will be made in due course.

This announcement is dated 21 March 2023.