BHIC further extends conditional period in disposal of naval shipyard stake to Jan 31

KUALA LUMPUR: Boustead Heavy Industries Corporation Bhd (BHIC) has further extended the conditional period relating to its disposal of a 20.77 per cent stake in Boustead Naval Shipyard Sdn Bhd (BNS) to the Minister of Finance (Incorporated) to Jan 31, 2024.

According to a Bursa Malaysia filing today, BHIC and the purchaser have mutually agreed to extend the third conditional period of the share sale agreement (SSA) for a further period as the parties require additional time to fulfil the conditions precedent.

"For avoidance of doubt, all other terms, and conditions of the SSA remain unchanged," BHIC said.

On Aug 21, 2023, BHIC sold its entire 20.77 per cent stake in loss-making BNS to Ocean Sunshine Bhd, an indirect unit of the Minister of Finance Inc for RM1.

The disposal of the 27 million shares, held by BHIC’s indirect wholly-owned subsidiary Perstim Industries Sdn Bhd, is to facilitate the government’s decision to acquire 100 per cent of BNS shares to ensure the completion of the littoral combat ship (LCS) project. - Bernama