We refer to the default in payment announcement dated 22 April 2021 (“Default in Payment Announcement”) and the announcement dated 1 June 2021 (“Announcement”). The Board of Directors wishes to furnish further information relating to the Announcement. Unless otherwise defined, the terms herein shall bear the same meaning as defined in the Announcement.
The terms and conditions under the Indulgence Letter to be satisfied by the Company to OCBC Al-Amin Bank Berhad (“OCBC”) are as follows:
(i) Until 1 November 2021 (“Indulgence Period”), BHB shall make monthly payments of RM200,000.00 commencing 21 May 2021 to 21 July 2021 and thereafter, monthly payments of RM300,000.00 commencing 1 August 2021 to 1 November 2021 to OCBC;
(ii) BHB shall provide monthly management accounts of its wholly-owned subsidiary, Tamadam Industries Sdn Bhd (“TISB”), for the period ending 31 May 2021 to 30 September 2021;
(iii) BHB shall provide the audited and management accounts of TISB for the financial year 2020 and period ending 30 April 2021 respectively;
(iv) BHB shall submit a detailed turnaround and expansion plan for TISB together with MHC Trading (M) Sdn Bhd (“MHC”);
(v) BHB shall submit its proposed settlement plan for the financing facilities provided by OCBC and proposed regularisation plan; and
(vi) BHB shall provide a formal valuation report of the property which is currently leased by TISB.
For information purposes, the Company and MHC are presently in discussions for a potential partnership in relation to the operations of TISB. The necessary announcements in relation to this potential partnership will be made in due course.
This announcement is dated 11 June 2021.
