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Boustead's subsidiary accepts one-year govt contract extension

Last update: 04/07/2019
KUALA LUMPUR, July 4 (Bernama) -- Boustead Heavy Industries Corporation Bhd's (BHIC) subsidiary BHIC AeroServices Sdn Bhd (BHICAS) has agreed to extend the contract to provide integrated maintenance and logistic support services to the Malaysian Maritime Enforcement Agency (MMEA) for another year without any change in amount of consideration.

In a filing with Bursa Malaysia today, BHIC said under the contract awarded in 2016, the 51 per cent-owned subsidiary was to provide the services for three of MMEA’s Dauphin AS365N3 helicopters for two years and nine months, until June 30, 2019, at a contract value of RM62.58 million.

BHICAS has accepted a letter from the Home Affairs Ministry to extend the contract for one year effective from July 1.

“There is no change to the consideration under the letter. Apart from the extension of the contract period, there are no significant differences between the substance of the (original) contract and the extended letter of acceptance (LOA),” BHIC said

It said the LOA would contribute positively to the group’s earnings for the financial years ending Dec 31, 2019 and 2020.

BHICAS is a joint venture with Prestige Pillar Sdn Bhd (30 per cent) and Airbus Helicopters Malaysia Sdn Bhd (19 per cent).


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