KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) today said it has completed the sale pf its 20.77 interest in littoral combat ship company Boustead Naval Shipyard Sdn Bhd (BNS) for RM1.
In a filing with Bursa Malaysia Securities Bhd, BHIC said all the terms and conditions in respect of the completion of the shre sale agreement have been complied and fulfilled on May 10, 2024.
On Aug 18, 2023, BHIC's indirect subsidiary Perstim Industries Sdn Bhd entered into a SSA with MoF Inc company, Ocean Sunshine Bhd (OSB), to sell its 20.77 per cent interest in BNS for RM1.
BNS in May 2023, signed its sixth sixth supplemental contract with the government for the construction of littoral combat ships.
BNS is currently building five combat vessels, instead of six, and at higher contract cost of RM11.2 billion.
In March this year, Defence Minister Datuk Seri Khaled Nordin said construction of the littoral combat ships are only one per cent behind target, at 67 per cent.
BHIC closed one per cent lower to 47.5 sen, giving it a market capitalisation of RM268 million.