Quick take: Boustead edges up 4% on contract win

June 21, 2019 editor Boustead, Stock On The Move

KUALA LUMPUR: Boustead Holdings Bhs has seen its share price edged up 3% in early trade after securing a RM96mil contract for patrol vessel refit works.

The conglomerate added 4%, or four sen to RM1.04. Year-to-date, the counter has fallen some 23.5%. It has depreciated 57.4% in the past one year.

Boustead has secured a vessel refit works contract worth RM95.99mil from the Defence Ministry.

The group said its subsidiary Boustead Naval Shipyard Sdn Bhd (BNS) will undertake the works for the patrol vessel KD Terengganu.

The letter of acceptance dated June 14 from the Defence Ministry is for BNS to refit the ship to ensure its armada’s readiness is maximised and sustainable, while achieving optimum capabilities.

Boustead expects the contract to contribute positively to the current and future earnings of Boustead group.

Source: TheStar