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, and 2 June 2021 in relation to the scheme of proceedings filed by Boustead Naval Shipyard Sdn Bhd (“BNS”), a major associate of the Company. 

The Board of Directors of Boustead Heavy Industries Corporation Berhad (“BHIC” or  “Company”) wishes to announce that on 2 September 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. The ad interim restraining order will be in place until the disposal of the matters set for hearing on 1 October 2021.

  
The ad interim restraining order excludes certain creditors and the legal proceedings in Court of Appeal Civil Appeal No. W-02(IM)(NCC)-839-04/2021 filed by MTU Services (Malaysia) Sdn Bhd, as set out in the ad interim restraining order.

BNS’s application for an extension of time for leave to convene the creditors’ meeting and an extension of the restraining order 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 the BHIC. 

Further developments on the above matter will be announced to Bursa Malaysia Securities 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 3 September 2021.