Boustead bags RM1.2b contract from MinDef

Tuesday, March 21, 2017
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Boustead Holdings Bhd’s subsidiary, Boustead Naval Shipyard Sdn Bhd (BNS), has been awarded a RM1.2 billion contract by the Ministry of Defence (MinDef) for the supply of four Littoral Mission Ships.

In an exchange filing yesterday, the conglomerate noted the contract is secured under direct negotiation and will be executed in partnership with a shipyard in China.

The contract is to be implemented over a span of four years effective from the date of signing of the letter of acceptance by BNS.

The vessels will be designed by the partner shipyard and the first two vessels will be built and delivered in China in 2019 and 2020. The remaining two vessels will be built and delivered in Malaysia in 2021.

The contract is expected have a positive effect on Boustead’s earnings for the financial year ending Dec 31, 2017.

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