SHAH ALAM: Boustead Heavy Engineering Corporation Bhd (BHIC) shareholders has voted in favour of all resolutions at its extraordinary general meeting, yesterday. The EGM was held virtually.
From New Straits Times:
KUALA LUMPUR: Boustead Heavy Industries Corporation Bhd (BHIC) has received shareholders’ approval for the debt settlement amounting to RM417 million which will assist its financial recovery.
The proposed debt settlement was approved at the extraordinary general meeting, with 99.92 per cent shareholders voting in favour of all resolutions tabled.
The resolutions included the amendment of the company’s constitution to facilitate the issuance of new conventional and Islamic redeemable convertible preference shares (RCPS) to the lenders and Boustead Holdings Bhd as part of the debt settlement.
The debt settlement will be made to Affin Bank Bhd, MBSB Bank Bhd, AmBank Islamic Bhd as well as to Boustead.
For the full story go here.
What about the resolution to dispose of Boustead Naval Shipyard (BNS) then? It was not voted on as BHIC had dropped the BNS resolution from its notice on the EGM published on December 28, two days after the Malaysian Defence post on it.
The Malaysian Defence post was based on the EGM notice published on December 14. Why did they drop the resolution when everybody knows about it then? I have no idea.
Anyhow, the deadline to sell BHIC’s shares in BNS to the government, is tomorrow. I do not think it will happen but who knows, right?
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