Reference is made to the announcements dated 3 July, 7 July, 13 October, 30 October 2020 and 27 January 2021 on the receipt of a Winding-up Petition (Petition) by Boustead Naval Shipyard Sdn Bhd (BNS), a major associate company, and on the grant and extension of an ad interim restraining order. 

The Board of Directors of Boustead Heavy Industries Corporation Berhad (“BHIC” or “the Company”) wishes to announce that on 24 February 2021, the High Court of Kuala Lumpur dismissed the application to strike out BNS’s application for leave to convene a creditors’ meeting. The ad interim restraining order will continue until the disposal of the application for leave to convene a creditors meeting, which is set for hearing on 29 March 2021. 

The ad interim restraining order will not restrain or stay the continuation of the legal proceedings in Kuala Lumpur High Court Companies Petition No. WA-28NCC-490-06/2020 brought by MTU Services (Malaysia) Sdn Bhd and the Ipoh High Court Suit No. 22NCvC-193-08/2012 brought by Ingat Kawan Sdn Bhd.

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 25 February 2021.