BHIC to sell 20.8% stake in Lunas for RM335mil

KUALA LUMPUR: Boustead Heavy Industries Corp Bhd’s (BHIC) indirect wholly owned subsidiary, Perstim Industries Sdn Bhd, has proposed to dispose of 27,000,001 ordinary shares in Lumut Naval Shipyard Sdn Bhd (Lunas) to Ocean Sunshine Bhd (OSB) for RM334.73mil cash.

In a filing with Bursa Malaysia, BHIC said that the proposed disposal is designed to support the government’s decision to ensure the completion of the littoral combat ship or LCS project.

BHIC said this initiative is also a part of the company’s operational and organisational restructuring, aiming to streamline and realign entities within the company and its relevant subsidiaries.

It added that introducing a new strategic shareholder, OSB, aligned with Lunas’ plans to enhance its business and operations. — Bernama