SHAH ALAM: More details on BNS/BHIC legal woes. As part of its annual report, Boustead Heavy Industries Corporation Bhd, the publicly listed engineering subsidiary of Boustead Holdings Bhd, published the legal actions taken against the company for its shipbuilding activities. The shipbuilding activities is undertaken by its associate company, Boustead […]
SHAH ALAM: Lembaga Tabung Angkatan Tentera – the Armed Forces Provident Fund (LTAT) is doubling down on Boustead Holdings Bhd, by offering to take the listed company private. LTAT in a statement said the offer will allow it greater flexibility to implement the turnaround plan for Boustead. The statement: NOTICE […]
SHAH ALAM: Another Boustead company facing issues. Pharmaniaga Bhd, a listed company in Bursa Malaysia and a subsidiary of Boustead Holdings which in turn majority owned by Lembaga Angkatan Tentera Malaysia (LTAT) – the Armed Forces Provident Fund – reported losses for the 2022 fiscal year. This pushed the company […]
SHAH ALAM: Any plan B for the RMN? So far we have been told that the LCS project revival will be a successful with two ships to be delivered to the Royal Malaysian Navy by 2025. This was reported by the Public Accounts Committe report on the LCS. And the […]
SHAH ALAM: Tender to maintain RMN AW139s. Back in April, Malaysian Defence posted about the contract for the three Leonardo AW139s Maritime Operations Helicopter (MOH/MUH) procured for the Royal Malaysian Navy (RMN). Two of the helicopters are already operational while the third one is expected to be delivered next month […]
SHAH ALAM: The Star newspaper is reporting that the MACC – the nation graft buster – was on the verge of pressing charges against several individuals over the LCS case. It quoted the MACC Commissioner TS Azam Baki as saying that the they were recommending charges against several individuals. From […]
SHAH ALAM: Comfortably Numb. The government, according to Defence Minister DS Ismail Sabri, decided to allow the resumption of the Littoral Combat Ship (LCS) project to protect the interest of the workers and companies and also the RMN. He said the continuation of the construction of the ships would save […]
SHAH ALAM: Boustead sues former big-wigs. Boustead Holdings Bhd had file a suit against its former chairman, former managing director and four other directors “for purported breach of fiduciary duty and is seeking jointly from them a sum of £6.4 million (RM35.37 million current value), according to the Edge newspaper. […]
SHAH ALAM: LTAT Mulls Boustead Privatisation. The Armed Forces Fund Board (LTAT) the controlling shareholder of Boustead Holdings Bhd (BHB), is mulling plans to delist the publicly listed company. However there is no indication whether it will also do so for Boustead’s subsidiary company, Boustead Heavy Industries Corporation Bhd (BHIC) […]
SHAH ALAM: Boustead gets new chairman. Boustead Holdings Bhd has appointed former Johor MB Khaled Nordin as its new chairman, effective on May 1. Khaled’s appointment was announced by Boustead on April 30. In its release, Boustead stated that Khaled was appointed as a non-independent, non executive chairman of the […]
SHAH ALAM: Changes at Boustead. On April 8, this year, DS Amrin Awaluddin was appointed MD of Boustead Holdings, the public listed company controlled by the Lembaga Tabung Angkatan Tentera (LTAT). He replaced TS Che Lodin Wok Kamaruddin, who resigned from Boustead on Dec. 31, 2018. Boustead’s subsidiary Boustead Heavy […]
SHAH ALAM: LMS price reduction. It appears that the review of defence contracts announced by Defence Minister Mohammad Sabu shortly after being appointed in May, 2018, has been completed and the first one to be made public, is apparently the deal for the four LMS for the RMN. The price […]
SHAH ALAM: The Defence Ministry is seeking liquidated damages totalling RM147.7 million from Boustead Heavy Industries Corp (BHIC) Bhd subsidiary, Boustead DCNS Naval Corp Sdn Bhd, for breaching its Scorpene submarines support contract. In a filing to the Bursa Malaysia on July 11, BHIC says Boustead DCNS, received a letter […]
Malaysian Defence