Boustead Heavy Industries Corporation has informed that the SSA for the proposed disposal of its unit Boustead Naval which was suppose to conclude by March 31 will be extended till April 30 2024.
In relation to the SSA and the subsequent agreements between the Parties, the Conditional Period for the fulfilment of the conditions precedent for the proposed disposal was extended up to 31 March 2024 ( the fifth extension). BHIC said the parties require additional time for the fulfilment of the Conditions Precedent, where the company and the purchaser being the Ministry of Defense have mutually agreed to extend the Fifth Extended Conditional Period of the SSA for a further period up to 30 April 2024 (“Sixth Extended Conditional Period”).
For avoidance of doubt, all other terms, and conditions of the SSA remain unchanged.
