We refer to our announcements on 18 October 2018, 19 October 2018, 17 July 2020, 29 March 2021, 1 July 2021 and 8 October 2021 in relation to the litigation involving Boustead Holdings Berhad (“BHB”) and its subsidiary Bakti Wira Development Sdn Bhd (“Bakti Wira”).

To recapitulate, Deepak Jaikishan A/L Jaikishan Rewachand (“Applicant”) filed an application on 25 March 2021 at the Court of Appeal in Civil Appeal No. W-02(IM)(NCVC)-1069-08/2020 for an Interim Injunction against BHB and Bakti Wira:

i)     to restrain BHB and Bakti Wira from dealing with the lands which are part of the subject matter in this litigation; and

ii)    to restrain Bakti Wira from dealing with its shares held in Astacanggih Sdn Bhd.

The Court of Appeal on 30 June 2021 made the following orders upon hearing the Applicant’s Notice of Motion (“Court of Appeal’s 30 June 2021 decision”):

i)     the Applicant’s application for injunction to restrain BHB and Bakti Wira from dealing with the lands which are part of the subject matter in this litigation is refused;

ii)    Bakti Wira is restrained from dealing with 3,799,999 of its shares held in Astacanggih Sdn Bhd until the disposal of the Applicant’s appeal at the Court of Appeal in Civil Appeal No. W-02(IM)(NCVC)-1069-08/2020 (the said 3,799,999 shares are equivalent to 19% of the total shareholding in Astacanggih Sdn Bhd);

iii)   The Applicant is to provide an undertaking as to damages to BHB and Bakti Wira; and

iv)   costs of the application is in the cause of the appeal.

The Applicant filed an application to the Federal Court on 29 July 2021 for leave to appeal against the Court of Appeal’s 30 June 2021 decision. This application was registered as Civil Application No. 08(i)-255-07/2021(W). The hearing of this application has been fixed on 24 November 2021.

The Company wishes to inform that on 24 November 2021, the Federal Court heard the Applicant’s application in Civil Application No. 08(i)-255-07/2021(W) for leave to appeal to the Federal Court and dismissed the said application with costs of RM30,000.00 to be paid by the Applicant to BHB and Bakti Wira.

This announcement is dated 25 November 2021.