Boustead Heavy Industries Corp has informed that MTU Services Malaysia (MSM) has withdrawn its winding up petition on BHIC’s associate company Boustead Naval.
The group said it had received notification from its appointed solicitors that MSM had filed a Notice of Withdrawal with no order as to the cost of their appeal against the Kuala Lumpur High Court’s decision dated 29 March 2021 in allowing BNS’s striking out application against MSM’s winding up petition on BNS.
BHIC said the financial impact on the withdrawal/discontinuance of the appeal by MSM is confined only to the legal cost borne by BNS. There is no potential liability or operational impact on the Company nor on BNS.
