Boustead Naval Shipyard renamed to Lunas following shareholding change – PM

March 28, 2024

Boustead Naval Shipyard renamed to Lunas following shareholding change – PM

KUALA LUMPUR: Boustead Naval Shipyard Sdn Bhd (BNS), responsible for the Royal Malaysian Navy’s littoral combat ship (LCS) project, has been renamed Lumut Naval Shipyard Sdn Bhd (Lunas).

Prime Minister Datuk Seri Anwar Ibrahim, said this move aims to give a fresh image to the management and the company as one of the entities under the Minister of Finance Incorporated (MoF Inc).

Anwar, who is also the Finance Minister, said the rebranding follows the change in shareholding from existing shareholders, namely the Armed Forces Fund Board (LTAT), Boustead Holdings Berhad (BHB) and Boustead Heavy Industries Corporation Bhd (BHIC), to MoF Inc.

“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.

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He said this in response to a question from Datuk Iskandar Dzulkarnain Abdul Khalid (PN-Kuala Kangsar) regarding the rationale for renaming BNS to Lunas.

Anwar said that the rebranding could also change public perception and assure local and international vendors that Lunas is a forward-looking company and will continue to progress.

On Jan 2, a deal between Boustead Heavy Industries Corp Bhd (BHIC) and a MoF Inc company to take over BHIC’s 20.77 per cent interest in LCS project company, Boustead Naval Shipyard Sdn Bhd (BNS) for RM1, was extended for a fourth time.

In a filing with Bursa Malaysia Securities Bhd, BHIC said the condition period for the share sale agreement between its subsidiary, Perstim Industries Sdn Bhd, and MoF Inc company, Ocean Sunshine Bhd (OSB), has been extended until Jan 31 as the parties involved need more time to fulfil the conditions precedent for the deal.

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 per cent of BNS shares to ensure the LCS project is completed, said the defence contractor in a filing to Bursa Malaysia.

BHIC’s parent company, Boustead Holdings Bhd, now holds a 68.85 per cent equity interest in BNS, while LTAT, which controls the Boustead group, holds the remaining 10.38 per cent interest.

BNS, involved in the construction, repair, and maintenance of naval vessels, recorded a post-tax loss of RM150.12 million and net liabilities of RM848.45 million for the financial year ended Dec 31, 2022.