11 April 2012

BHIC Unit Gets RM1.5bil Naval Contracts

11 April 2012

Gowind class frigates for Royal malaysian Navy (photo : Malaysian Defence)

KUALA LUMPUR: Boustead Naval Shipyard Sdn Bhd (BNS) has issued three letters of award (LoAs) worth RM1.532bil to Contraves Advanced Devices Sdn Bhd (CAD), a subsidiary of Boustead Heavy Industries Corp Bhd (BHIC).

In a filing with Bursa Malaysia, Boustead Holdings said the three LoAs were in relation to the contract for second generation patrol vessels/ Littoral combat ships received previously by BNS from the Government.

“CAD is to undertake engineering and integration works in connection with the DCNS SETIS Combat Management System (CMS), together with procurement of the CMS and the Rheinmetall Fire Control System at a total ceiling contract sum of RM1.532bil for an implementation period of up to 10 years from the commencement date of the awarded works,” it said.

The commencement date of the awarded works is April 9.

“The awarded works are expected to contribute positively to the earnings of the company for the financial year ending Dec 31 and subsequent financial years as the tenure of the awarded works is long term in nature,” it said.

Boustead Holdings has a direct interest of 65% in BHIC and 68.85 % in BNS.

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