KUALA LUMPUR (April 21): Zelan Bhd — an engineering and construction conglomerate with a track record spanning power plants, ports, airports and high-rise buildings across Malaysia and the Middle East — said it had secured unanimous creditor approval for its proposed scheme of arrangement, with 100% in value of creditors present and voting at a court-convened meeting approving the scheme.
The PN17-classified company has been navigating a formal debt restructuring process since late 2025, having been placed on Bursa Malaysia’s financially distressed watchlist following impairment losses at its principal operating subsidiary.
According to its Bursa Malaysia announcement on Monday, the court-convened creditors’ meeting was held on Monday (April 20) pursuant to Section 366 of the Companies Act 2016. The 100% approval in value by the requisite majority of creditors marks a significant milestone in Zelan’s restructuring process.
The company said it will next file the necessary application to seek the court’s sanction of the proposed scheme of arrangement. Further developments will be announced to Bursa Malaysia in due course.
The Monday announcement is the latest in a series of updates on the proposed scheme of arrangement, with previous announcements made on Oct 3, 2025; Dec 4, 2025; Jan 6; Jan 30; Feb 13; Feb 26; and March 27.
Source: EdgeProp.my
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