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The Challenge of Modernizing a Navy: Malaysia's Boustead Heavy Industries – The Diplomat thediplomat.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thediplomat.com Daily Mail and Mail on Sunday newspapers.
Maritime Activity Reports, Inc. Illustration by alexlmx/AdobeStock Malaysia’s Boustead Heavy Industries has won a deal for submarine facilities upkeep for the Royal Malaysian Navy. The company said Thursday that it had on April 21, accepted the Letter of Acceptance dated April 7, 2021, from the Ministry of Defence Malaysia representing the Government of Malaysia, related to the submarine facilities work. The contract value is RM78,141,440.00 (~around $19million) for a contract period of twenty-four months from January 1, 2021, until December 31, 2022. A formal contract between the Government of Malaysia and BSES will be finalized and executed at a later date. The Contract will contribute positively to the earnings of the BHIC Group for the financial year ending 31 December 2021, Boustead Heavy Industries said, without providing further details. ....
AFTER incurring three consecutive years of net losses, Boustead Holdings Bhd , which is majority owned by the Armed Forces Fund Board (LTAT), still continues to find itself in turbulent waters. The company, which has business interests in various sectors of the economy but is struggling to return to profitability in the near term, also builds combat ships for the country’s navy and is 59.4% owned by the LTAT. In an interview with StarBizWeek, group managing director Datuk Seri Mohammed Shazalli Ramly, (pic) who had taken over the helm in December 2020, says the outlook will remain challenging for the time being. ....
tumbled after trade resumed Tuesday on news that controlling shareholder Lembaga Tabung Angkatan Tentera (LTAT) has aborted a plan to buy out minority shareholders and take the company private. The decision came eight months after LTAT, which owns a 59.4% stake in Boustead, announced that it was planning to delist the company. Boustead group managing director Datuk Seri Mohammed Shazalli Ramly said both parties have decided to focus on Boustead’s strategies to rejuvenate the group. It has stakes in several listed entities. It has controlling interest in 65% owned Boustead Heavy Industries Corp and 56% in Covid-19 vaccine-maker Pharmaniaga Bhd . Factory output drops ....