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 and 3 September 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 the “Company”) wishes to announce that on 1 October 2021, 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 period of 3 months from 2 September 2021. 

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 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 4 October 2021.