BHIC secures RM78.14mil Navy submarine facilities contract

KUALA LUMPUR (Bernama) -- Boustead Heavy Industries Corp Bhd’s (BHIC) wholly-owned subsidiary BHIC Submarine Engineering Services (BSES) has secured a RM78.14 million contract from the Ministry of Defence.

In a filing with Bursa Malaysia today, BHIC said the contract is for the Royal Malaysian Navy’s submarine facilities upkeep.

"The duration of the contract is from Jan 1, 2021 until Dec 31, 2022.

"It is expected to contribute positively to the earnings of the BHIC group for the financial year ending Dec 31, 2022,” it said.

The group said a formal contract between the government and BSES will be finalised and executed at a later date.