OTHERS PROPOSED DISPOSAL OF 27,000,001 ORDINARY SHARES IN LUMUT NAVAL SHIPYARD SDN. BHD. (FORMERLY KNOWN AS BOUSTEAD NAVAL SHIPYARD SDN. BHD.) (LUNAS) HELD BY PERSTIM INDUSTRIES SDN. BHD. (PISB OR VENDOR), AN INDIRECT WHOLLY OWNED SUBSIDIARY OF BHIC, FOR A CASH CONSIDERATION OF RM1.00 (HEREINAFTER REFERRED TO AS THE "PROPOSED DISPOSAL")
| BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD |
| Type | Announcement |
| Subject | OTHERS |
| Description | PROPOSED DISPOSAL OF 27,000,001 ORDINARY SHARES IN LUMUT NAVAL SHIPYARD SDN. BHD. (FORMERLY KNOWN AS BOUSTEAD NAVAL SHIPYARD SDN. BHD.) (LUNAS) HELD BY PERSTIM INDUSTRIES SDN. BHD. (PISB OR VENDOR), AN INDIRECT WHOLLY OWNED SUBSIDIARY OF BHIC, FOR A CASH CONSIDERATION OF RM1.00 (HEREINAFTER REFERRED TO AS THE "PROPOSED DISPOSAL") |
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The terms used herein shall have the same meaning as those defined in the announcement dated 21 August 2023.
We refer to the announcements dated 29 May 2023, 21 August 2023, 4 October 2023, 1 November 2023, 1 December 2023, 2 January 2024, 16 February 2024, 1 April 2024 and 3 April 2024 in relation to the Proposed Disposal.
Pursuant to a letter of variation dated 9 April 2024 issued by PISB to, and duly accepted on 15 April 2024 by OSB, PISB and OSB have agreed to vary the SSA with effect from 9 April 2024 as follows:-
(a) to delete the existing definition of “ITRRA” in its entirety and substitute with the following:-
“ITRSA - means the intercompany trade receivables settlement agreement to be entered between BHIC (as authorized by its relevant subsidiaries) and the Company for the repayment of the Total Repayment Sum owing by the Company to BHIC and its relevant subsidiaries”.
(b) to delete the existing Conditions Precedent on ITRRA in its entirety and substitute with “the execution of a ITRSA”.
(c) to insert the shareholders’ approval of BHIC on the sale and purchase of the Sale Shares under the SSA as new Condition Precedent.
(d) to refer to the “ITRRA” appearing in the SSA as “ITRSA”.
This announcement is dated 15 April 2024. |
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Announcement Info
| Company Name | BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD |
| Stock Name | BHIC |
| Date Announced | 15 Apr 2024 |
| Category | General Announcement for PLC |
| Reference Number | GA1-15042024-00048 |