Boustead Heavy Industries Corporation Bhd (BHIC) has announced that Irfan Hashim has resigned from his position as alternate director effective today.
In a Bursa listing today, the non-independent and non-executive director, 40, cited ‘to pursue other interest’ as the reason behind his departure.
Earlier, in August, Rozi Baharuddin, 65, an independent and non-executive director also resigned due to personal reasons.
Two more directors Datuk Nasarruddin M Zin and Datuk Norliza Abdul Rahim also resigned from the board early this year.
Two days ago, BHIC has reportedly proposed to partially settle its RM183.26 million debt with three lenders and fully settle a RM234 million debt with Boustead Holdings Bhd (BHB) before the cut-off date of Dec 31, 2023.
BHIC had said in a filing total RM183.26 million owed to three banks, namely Affin Bank Bhd (RM30 million), MBSB Bank Bhd (RM63.25 million), and AmBank Islamic Bhd (RM90 million), would be settled via a combination of cash and the issuance of new ordinary shares and ‘Class A’ redeemable convertible preference shares, both conventional (RCPS A) and Islamic (RCPS-i A), at an issuance price of 57 sen per share.
The RM234 million debt with BHB would be settled via the issuance of new BHIC shares, ‘Class B’ redeemable convertible preference shares (RCPS B) and ‘Class C’ redeemable preference shares (RPS C), also at 57 sen apiece.
