KUALA LUMPUR, June 12 — Boustead Heavy Industries Corporation Bhd (BHIC) has clinched an in-service support 2 performance-based contract for the Royal Malaysian Navy (RMN) Prime Minister Class Submarines worth RM1.1 billion.

The maritime and defence solutions provider said its wholly-owned subsidiary, BHIC Submarine Engineering Services Sdn Bhd (BSES), has accepted the letter of award from the Ministry of Defence dated June 5, 2024, awarding the contract to BSES.

"A formal contract between the government of Malaysia and BSES will be finalised and executed at a later date,” it said in a filing with Bursa Malaysia today.

BHIC said the contract will contribute positively to the group’s earnings for the financial year ending Dec 31, 2024. — Bernama