KUALA LUMPUR: Boustead Heavy Industries Corporation Bhd (BHIC) is selling the group’s entire 20.77 per cent stake in loss-making Boustead Naval Shipyard Sdn Bhd (BNS) to Ocean Sunshine Bhd, an indirect unit of Minister of Finance (Inc), for RM1.
Corporation Bhd is selling the group’s entire 20.77 per cent stake in loss-making Boustead Naval Shipyard Sdn Bhd to Ocean Sunshine Bhd, an indirect unit of Minister of Finance , for RM1.
BNS, which is involved in the construction, repair and maintenance of naval ships, recorded losses after tax of RM150.12 million and net liabilities of RM848.45 million for the financial year ended Dec 31, 2022. "This is necessary for us to achieve our intention to continue the construction of the LCS as required by the Royal Malaysian Navy and the Malaysian Armed Forces,” he was reported as saying.
The company added that this is while ensuring that BNS is able to complete the construction and delivery of the LCS to the RMN within the stipulated timeframe pursuant to the LCS contract.
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