The Company wishes to announce that the Board of Directors of BHIC had on 29 May 2023 acknowledged the receipt of the letter from the Minister of Finance Incorporated of its intention to acquire 20.8% of BHIC’s entire equity interest in Boustead Naval Shipyard Sdn Bhd, held via its wholly owned subsidiary, Perstim Industries Sdn Bhd, the terms of the proposed acquisition are subject to negotiations between the parties.  

Any further material developments on the above matter will be announced to Bursa Malaysia Securities Berhad accordingly.

This announcement is dated 29 May 2023.