KUALA LUMPUR (July 19): Boustead Heavy Industries Corp Bhd (BHIC) said today it has received a one-year contract extension for the provision of In-Service Support for Prime Minister’s Class Submarines for the Royal Malaysian Navy for RM159.15 million.
The contract extension was awarded by the Ministry of Defence (Mindef) to BHIC’s 60%-indirect unit Boustead DCNS Naval Corp Sdn Bhd (BDNC), it said.
The contract is effective from Jan 1, 2021 to Dec 31, 2021, it added. Advertisement
The other 40% shareholder of BDNC is France’s Naval Group.
The first year of the contract spanned through 2020 with a value of RM154.3 million, according to past BHIC filings.
Shares of BHIC traded half a sen or 1.04% lower at 47.5 sen, valuing the heavy engineering unit at RM118.03 million.
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