KUALA LUMPUR: Boustead Heavy Industries Corp
Bhd (BHIC) has disposed of its equity stake in Contraves Advanced Devices Sdn Bhd (CAD) to German automotive and arms manufacturer, Rheinmetall AG.
In a statement, BHIC said its wholly owned subsidiary, BHIC Defence Technologies Sdn Bhd, through which the shares were held, reached an agreement with Rheinmetall for the disposal of the shares following negotiations initiated in December 2023.
It added that its shareholders voted to approve the disposal of its 2.55 million shares, valued at RM54mil, during an EGM held yesterday.
BHIC chief executive officer Feroz Razi Ramli said the disposal will further strengthen its financials following the RM417mil debt settlement exercise in early 2024, and facilitate the strategic realignment of its business. — Bernama
