KUALA LUMPUR (April 22): Boustead Heavy Industries Corp Bhd’s (BHIC) wholly-owned subsidiary has been awarded a contract worth RM78.14 million from the Ministry of Defence (Mindef) for the upkeeping of submarine facilities for the Royal Malaysian Navy.

In a bourse filing, BHIC said its BHIC Submarine Engineering Services Sdn Bhd (BSES) received the letter of acceptance from the Ministry on April 7 for the two-year job that will be in effect from Jan 1, 2021 until Dec 31, 2022.

It expects the new contract to contribute positively to its earnigns for the financial year ending Dec 31, 2021.

BHIC’s shares settled half a sen or 1% higher at 50.5 sen today, giving the group a market capitalisation of RM125.47 million.