BHIC

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OTHERS BOUSTEAD HEAVY INDUSTRIES CORPORATION BERHAD ("BHIC" OR "COMPANY") PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE FOR THE ORDINARY SHARES IN BHIC ("BHIC SHARES") NOT OWNED BY BOUSTEAD HOLDINGS BERHAD ("BHB"); AND PROPOSED CAPITAL REDUCTION AND REPAYMENT EXERCISE FOR THE REDEEMABLE CONVERTIBLE PREFERENCE SHARES ("RCPS") CLASS A ("RCPS A") AND ISLAMIC RCPS CLASS A ("RCPS-i A"), PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016 ("ACT") (THE "PROPOSAL")

BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD

Type Announcement
Subject OTHERS
Description 
BOUSTEAD HEAVY INDUSTRIES CORPORATION BERHAD ("BHIC" OR "COMPANY")

PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE FOR THE ORDINARY SHARES IN BHIC ("BHIC SHARES") NOT OWNED BY BOUSTEAD HOLDINGS BERHAD ("BHB"); AND PROPOSED CAPITAL REDUCTION AND REPAYMENT EXERCISE FOR THE REDEEMABLE CONVERTIBLE PREFERENCE SHARES ("RCPS") CLASS A ("RCPS A") AND ISLAMIC RCPS CLASS A ("RCPS-i A"), PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016 ("ACT") (THE "PROPOSAL")

We refer to the announcements dated 10 February 2026, 23 February 2026, 3 March 2026 and 9 March 2026 in relation to the Proposal. Unless otherwise defined, the abbreviations and definitions used in the earlier announcement dated 10 February 2026 in relation to the Proposal shall apply herein.

 

On 31 March 2026, BHIC announced that Boustead Penang Shipyard Sdn Bhd ("BPS"), a wholly-owned subsidiary of BHIC, had entered into a sale and purchase agreement with Karya Koperat Sdn Bhd in respect of the proposed disposal of 3 adjoining parcels of mixed industrial and building land by BPS to Karya Koperat Sdn Bhd for a total disposal consideration of RM28.00 million to be satisfied entirely via cash ("Proposed Disposal"). As stated in the aforesaid announcement, the Proposed Disposal is conditional upon certain approvals being obtained and is expected to be completed by the third quarter of 2027.

 

On behalf of the Board, Affin Hwang Investment Bank Berhad ("Affin Hwang IB") wishes to announce that the Proposal is not conditional upon any other proposals undertaken or to be undertaken by the Company (including the Proposed Disposal). Further, the Proposed Disposal is not deemed to be a frustration of the Proposal in accordance with Paragraph 16.01 of the Rules on Take-overs, Mergers and Compulsory Acquisitions issued by the Securities Commission Malaysia as BHB, being the Offeror for the Proposal, has provided its consent for BHIC to undertake the Proposed Disposal.

 

Further, the terms and conditions of the Proposal remain the same (as announced earlier on 3 March 2026) and the offer price in relation to the Proposal remains unchanged, as the Proposed Disposal has no impact on the Proposal.

 

This announcement is dated 2 April 2026.



Announcement Info

Company Name BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD
Stock Name BHIC
Date Announced 02 Apr 2026
Category General Announcement for PLC
Reference Number GA1-02042026-00072


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