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, 4 October 2021 and 30 November 2021, on the receipt of a Winding-up Petition ("Petition") by Boustead Naval Shipyard Sdn Bhd ("BNS" or "Applicant"), a major associate of the Company, and on the extension of a leave to convene the creditors’ meeting and 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 Heavy Industries Corporation Berhad (“BHIC” or “the Company”) wishes to announce that on 25 January 2022, the High Court of Kuala Lumpur granted an extension of time for leave to convene the creditors’ meeting and an extension of the restraining order for a further three (3) months from 2 December 2021 (“BNS’s Extension Application”). 

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 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 26 January 2022.