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MULTIPLE PROPOSALS BOUSTEAD HEAVY INDUSTRIES CORPORATION BERHAD ("BHIC" OR THE "COMPANY") I. PROPOSED DEBT SETTLEMENT WITH LENDERS; II. PROPOSED DEBT SETTLEMENT WITH BHB; (COLLECTIVELY REFERRED TO AS THE "PROPOSED DEBT SETTLEMENTS") III. PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD

Type Announcement
Subject MULTIPLE PROPOSALS
Description
BOUSTEAD HEAVY INDUSTRIES CORPORATION BERHAD ("BHIC" OR THE "COMPANY")

I.	PROPOSED DEBT SETTLEMENT WITH LENDERS; 
II.	PROPOSED DEBT SETTLEMENT WITH BHB;
(COLLECTIVELY REFERRED TO AS THE "PROPOSED DEBT SETTLEMENTS")

III.	PROPOSED AMENDMENTS
(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

On behalf of the Board of Directors of BHIC (“Board”), Affin Hwang Investment Bank Berhad (“Affin Hwang IB”) wishes to announce that the Company proposes to undertake the following with Affin Bank Berhad (“Affin Bank”), MBSB Bank Berhad (“MBSB”), AmBank Islamic Berhad (“AmIslamic”) (collectively, the “Lenders”) and BHB:

 

(i) debt settlement with Affin Bank for the proposed partial settlement of outstanding sums under existing facilities given by Affin Bank to BHIC of up to RM30,000,000 as at 31 December 2023, being the cut-off date agreed between the Company, Lenders and BHB for the Proposed Debt Settlements (“Cut-Off Date”) (“Proposed Affin Settlement”);

 

(ii) debt settlement with MBSB for the proposed partial settlement of outstanding sums under existing facilities given by MBSB to BHIC of up to RM63,255,323 as at the Cut-Off Date (“Proposed MBSB Settlement”);

 

(iii) debt settlement with AmIslamic for the proposed partial settlement of outstanding sums under existing facilities given by AmIslamic to BHIC of up to RM90,000,000 as at the Cut-Off Date (“Proposed AmIslamic Settlement”); and

 

(iv) debt settlement with BHB for the proposed full settlement of the amounts owing to BHB by BHIC of up to RM234,000,000 as at the Cut-Off Date (“Proposed Debt Settlement with BHB”).

 

 

Further information on the Proposals is set out in the attachment.

 

 

This announcement is dated 6 December 2023.




Please refer attachment below.

Attachments

BHIC - Proposals (06.12.23).pdf
785.1 kB



Announcement Info

Company Name BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD
Stock Name BHIC
Date Announced 06 Dec 2023
Category General Announcement for PLC
Reference Number GA1-06122023-00093



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