KUALA LUMPUR (June 20): Boustead Holdings Bhd has secured a vessel refit works contract worth RM95.99 million from the Defence Ministry.

In a filing today, the group said its subsidiary Boustead Naval Shipyard Sdn Bhd will undertake the works for the patrol vessel KD Terengganu.

It said that a formal contract between the government and Boustead Naval Shipyard will be signed at a later date.

"The contract is expected to contribute positively to the current and future earnings of Boustead group," said Boustead.

It added that none of its directors or substantial shareholders has any direct or indirect interest in the contract.

Boustead's share price rose 0.5 sen or 0.5% to close at RM1 today, giving a market capitalisation of RM2.03 billion.