LCS: Finance Ministry establishes SPV to take over BNS as subsidiary, says Tok Mat

Defense Minister Datuk Seri Mohamad Hasan (centre) after the signing ceremony of contract documents, memorandum of understanding, letter of acceptance and letter of intent by the Ministry of Defense at the Langkawi International Maritime and Aerospace Exhibition (Lima'23), on Friday (May 26). The ceremony was also witnessed by Secretary-General of the Defense Ministry, Datuk Seri Muez Abd Aziz (third, left).

LANGKAWI: The Finance Ministry has established a special purpose vehicle (SPV) to take over the company responsible for the Littoral Combat Ship (LCS) construction project, Boustead Naval Shipyard Sdn Bhd (BNS) as a subsidiary.

Defense Minister Datuk Seri Mohamad Hasan said the LCS project would still be monitored by the Project Monitoring Committee (PMC) jointly chaired by the Treasury secretary-general and the Defense Ministry (Mindef) secretary-general.