PETALING JAYA: Boustead Heavy Industries Corporation Bhd (BHIC) has clinched an in-service support 2 performance-based contract for the Royal Malaysian Navy’s Prime Minister Class Submarines worth RM1.1 billion.
The maritime and defence solutions provider said its subsidiary, BHIC Submarine Engineering Services Sdn Bhd (BSES), has accepted the letter of award from the defence ministry dated June 5.
“A formal contract between the government and BSES will be finalised and executed at a later date,” it said in a filing with Bursa Malaysia today.
BHIC said the contract will contribute significantly to the group’s earnings for the financial year ending Dec 31, 2024.
At the close of the market, BHIC’s share price was down by 0.5 sen or 1.03% to 48 sen, giving the group a market capitalisation of RM271 million.