BHIC extends sale of naval shipyard stake

PETALING JAYA: Boustead Heavy Industries Corp Bhd (BHIC) has further extended the conditional period relating to its disposal of a 20.77% stake in Boustead Naval Shipyard Sdn Bhd (BNS) to the Minister of Finance (Inc) or MoF to Jan 31, 2024.

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

On Aug 21, 2023, BHIC sold its entire 20.77% stake in loss-making BNS to Ocean Sunshine Bhd, an indirect unit of MoF, for RM1.