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Boustead Holdings Bhd, also a Government linked company, took up 37% of stake and became the single largest shareholder of Penang Shipbuilding and Construction Industries (PSCI). As a division of PSCI, PSC-ND was renamed Boustead Naval Shipyard Sdn Bhd and put under Boustead's defense company, Boustead Heavy Industries Corporation.
Boustead Holdings Berhad (BHB) (MYX: 2771) is a Malaysian corporation with over 16,000 employees across more than 90 listed and non-listed companies in Malaysia, Indonesia and the United Kingdom. It is an affiliate of the Malaysian military. BHB was founded in 1828 as Boustead & Co in Singapore by Edward Boustead, an English businessman. [1]
BNS was then placed under Boustead Holdings subsidiary Boustead Heavy Industries Corporation (BHIC). [4] In 2024, BNS was fully taken over by the Government through the Ministry of Finance's company Ocean Sunshine Sdn Bhd and rebranded as Lumut Naval Shipyard (LUNAS). [5]
In 2005, Public Accounts Committee (PAC) unveiled serious corruption in the PCS-ND and caused solemn concern from the public. Under pressure of the public, Malaysian government enforced a reorganize result the PCS-ND to be taken over by Boustead Heavy Industries Corporation and renamed as Boustead Naval Shipyard Sdn Bhd. [2]
Boustead Holdings: Subsidiaries: Pharmaniaga Logistics Sdn Bhd; Pharmaniaga Marketing Sdn Bhd; Pharmaniaga Research Centre Sdn Bhd; Pristine Pharma Sdn Bhd (ceased operation) Paradigm Industry Sdn Bhd (ceased operation) Pharmaniaga Manufacturing Bhd; Idaman Pharma Manufacturing Sdn Bhd (Sungai Petani) Idaman Pharma Manufacturing Sdn Bhd (Seri ...
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Malaysia has launched its program to procure new class of modern frigate. The program is called Second Generation Patrol Vessel. In 2014, Malaysia signed a contract agreement worth MYR9 billion (US$2.8 billion) which was awarded to Boustead Heavy Industries Corporation to build frigates under the program.
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