BOUSTEAD Naval Shipyard Sdn Bhd (BNS), the key player in the Royal Malaysian Navy’s littoral combat ship (LCS) project, has undergone a rebranding and is now known as Lumut Naval Shipyard Sdn Bhd (Lunas).
This decision announced by Prime Minister Datuk Seri Anwar Ibrahim who also serves as Finance Minister, aims to rejuvenate the management and image of the company, which falls under the Minister of Finance Incorporated (MoF Inc).
The rebranding follows a change in shareholding, with MoF Inc taking over from existing shareholders such as the Armed Forces Fund Board (LTAT), Boustead Holdings Bhd (BHB), and Boustead Heavy Industries Corporation Bhd (BHIC).
“With this new image, it not only shapes a positive image for the company but also can provide new spirit to the employees.
“It also further convinces all stakeholders that Lunas remains committed to realising the country’s defence agenda, especially in implementing the LCS construction project for the navy,” he said in a written response posted on the Parliament website on Wednesday (March 27).
Responding to a query from Kuala Kangsar MP Datuk Iskandar Dzulkarnain Abdul Khalid regarding the rationale behind the renaming, Anwar noted that the rebranding could reshape public perception and reassure both local and international vendors of Lunas’ forward-thinking approach and ongoing progress.
In a submission to Bursa Malaysia Securities Bhd, BHIC announced that the timeframe for the share sale agreement between its subsidiary Perstim Industries Sdn Bhd and MoF Inc company, Ocean Sunshine Bhd (OSB), has been prolonged until Jan 31. This extension was deemed necessary as the involved parties require additional time to meet the prerequisites outlined in the agreement.
The disposal of the 27 million shares held by BHIC’s wholly-owned indirect subsidiary Perstim Industries Sdn Bhd is to facilitate the government’s decision to acquire 100% of BNS shares to ensure the LCS project is completed.
BHIC’s parent company Boustead Holdings Bhd now holds a 68.85% equity interest in BNS, while LTAT, which controls the Boustead group, holds the remaining 10.38% interest.
Furthermore, BNS faced financial challenges in the past year, recording a post-tax loss of RM150.12 mil and net liabilities of RM848.45 mil for the financial year ended Dec 31, 2022. – March 28, 2024
Main photo credit: The Edge Markets
