KUALA LUMPUR, 17 July 2014 – Boustead Holdings Berhad (BHB) and Boustead Heavy Industries Corporation Berhad (BHIC) today announced that Boustead Naval Shipyard Sdn Bhd (BN Shipyard), a subsidiary of BHB and an associate of BHIC, has today signed a RM9 billion contract to design, build and deliver six (6) second-generation patrol vessels with littoral combat ship capability for the Royal Malaysian Navy (RMN).
BN Shipyard was previously presented a Letter of Award (LOA) from the Ministry of Defense (MOD) on 16 December 2011. The contract is to be implemented over three Malaysia Plans, 10, 11 and 12.
BN Shipyard Managing Director, YBhg Tan Sri Dato’ Seri Ahmad Ramli Hj Mohd Nor, said: “We are pleased to have formally signed this important contract with the Ministry of Defense and we are honoured to be entrusted with carrying out this vital national project. Work on the final design and the key procurement aspects of the project is well in hand, and the formal contract allows us to recognise a greater element of our on-going work.”
Forward looking statements
This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
About Boustead Holdings Berhad
Since its inception as a modest trading entity more than 180 years ago, the Boustead Group has grown by leaps and bounds to comprise more than 90 subsidiaries, associate companies and joint ventures, and has substantial interests in various sectors of the Malaysian economy. The Boustead Group’s operations are focused in six key areas; plantation, heavy industries, property, finance & investment, trading & industrial and pharmaceutical. As at 31 March 2014, Boustead Holdings Berhad’s paid-up capital was RM517 million while its shareholders’ funds stood at RM5.2 billion. Market capitalisation is currently in excess of RM5.6 billion.
About Boustead Heavy Industries Corporation Berhad
Boustead Heavy Industries Corporation Berhad is a subsidiary of Boustead Holdings Berhad, a conglomerate listed on the Main Board of Bursa Securities. Boustead Holdings Berhad is a subsidiary of the Armed Forces’ Funds (Lembaga Tabung Angkatan Tentera). The Boustead Heavy Industries Group is involved in maritime, defence and heavy engineering activities, with shipyards located in Lumut, Pulau Pinang and Langkawi. For further information, please visit www.bhic.com.my
Issued on behalf of Boustead Holdings Berhad and Boustead Heavy Industries Corporation Berhad
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For further information, please contact:
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Group Corporate Communications Boustead Heavy Industries Corporation Berhad
Tel: 03 2078 7770
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