We refer to our announcement dated 27 September 2013 in relation to the approval received from Corporate Debt Restructuring Committee (“CDRC”) to assist in the mediation between PHB and its subsidiaries with their lenders.  We further refer to our announcement dated 8 February 2017 where we announced that the Master Framework Agreement and the Supplemental Master Framework Agreement entered into between PHB, Perwaja Steel Sdn Bhd and Zhiyuan International Investment & Holding Group (Hong Kong) Co., Limited ("collectively known as Agreements") have lapsed and expired; and as such, the proposed regularisation scheme announced earlier has been aborted. 

Given the expiration of the Agreements, the Board of Directors of Perwaja (“Board”) regrets to inform that the CDRC has notified the Company of its removal from CDRC’s purview effective 7 February 2017. 

Moving forward, Perwaja will negotiate a resolution of its debts directly with the lenders. The Board is currently deliberating on the next course of action, and will make further announcement in due course.

This announcement is dated 13 February 2017.