KUALA LUMPUR, Dec 14 — Boustead Heavy Industries Corporation Bhd (BHIC) said it has executed multiple debt settlements with lenders and Boustead Holdings Bhd (BHB).
In doing so, it made amendments to its constitution to facilitate the issuance of redeemable convertible preference shares, both conventional and Islamic, as part of the settlement, the company told the stock exchange.
BHIC said it has executed an agreement with Affin Bank Bhd to the part settlement of the estimated outstanding amount owed by the company to Affin Bank under its existing facilities as of December 31, 2023 of up to RM30.00 million.
BHIC said it also executed an agreement with MBSB Bank Bhd to the part settlement involving an estimated outstanding amount owed by the company to MBSB under its existing facilities as of December 31, 2023 of up to RM63.26 million.
BHIC and AmBank Islamic Bhd’s part settlement of the estimated outstanding amount owed by the company to AmIslamic under its existing facilities as of December 31, 2023 of up to RM90.00 million has also been executed.
BHIC said it also executed a full settlement of the RM234 million owed to BHB.
“The company had also been informed by the Armed Forces Fund Board (LTAT) that (the fund) had disposed of 20.27 million shares, representing (about) 8.16 per cent equity interest in BHIC on December 13, 2023 to assist the company in meeting the public shareholding spread requirement after the issuance of new BHIC shares to the lenders and BHB under the proposed debt settlements,” BHIC said. — Bernama
