KUALA LUMPUR (Sept 21): Boustead Heavy Industries Corp Bhd (BHIC) has bagged a technical assistance and coordination services contract for the construction of infrastructures of the Royal Malaysian Navy Kota Kinabalu Naval base, valued at RM4.8 million.

In a filing with Bursa Malaysia today, the group said its wholly-owned subsidiary, Boustead Penang Shipyard Sdn Bhd (BP Shipyard), has received today, the executed formal contract from Trans Resources Corporation Sdn Bhd (TRC) dated Sept 18, to formalise the appointment of BP Shipyard, as the technical assistance and coordination services provider.

The contract was in the frame of the main contract entered into between DCNS S.A (France) and TRC, relating to the design, construction/adaptation of certain infrastructures of the Royal Malaysian Navy Kota Kinabalu Naval base, it added.

BHIC is a service provider for shipbuilding, ship repair, maritime, engineering and defence-related. It said the contract was signed for a period of 12 months, effective Feb 1, 2015.

According to the group, the contract value stood at RM4.8 million, inclusive of Goods and Services Tax (GST).
It expects the contract to contribute to its FY15 and FY16 earnings, ending Dec 31.

Shares in BHIC gained one sen or 0.49% to trade at RM2.04 as at 2.17pm, giving it a market capitalisation of RM506.85 million.

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