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We refer to our earlier announcements in relation to the above.
The Federal Court had, on 13 January 2010, and after hearing submissions from both parties, dismissed with costs Boustead Holdings Berhad’s application for leave to appeal against the decision of the Court of Appeal.
Arising from the said decision, Etiqa Insurance Berhad (formerly known as Malaysia National Insurance Berhad) who is the holder of RM40 million nominal value of Boustead’s 7-Year Redeemable Convertible Bonds (“RCB”) will have its RCB converted into new shares in Boustead. Based on the conversion price of RM1.95 as stated in the Trust Deed between the parties dated 21 June 2004, Boustead will issue and allot a total of 20,512,820 new ordinary shares of RM0.50 each in the Company to Etiqa Insurance Berhad. An application will be then made to Bursa Malaysia Securities Berhad to list and quote these shares on the Exchange.
In the meantime, an amount of RM40 million (excluding interest) which has been paid earlier by Boustead when it wanted to redeem the RCB, will be remitted back to Boustead.
This announcement is dated 14 January 2010. |
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