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LCS project: 10.38% LTAT shares transferred to MoF Inc, PM says | Scoop
10.38% of LTAT’s shares in the Boustead Naval Shipyard Sdn Bhd have been transferred to Finance Ministry-owned Ocean Sunshine Bhd to complete the LCS project, said Datuk Seri Anwar Ibrahim. – Hishammuddin Hussein Facebook pic, October 12, 2023
News

LCS project: 10.38% LTAT shares transferred to MoF Inc, PM says

Remaining shares under Boustead Holdings Bhd, Perstim Industries Sdn Bhd under negotiations

Main Author Image
Irwan Shafrizan Ismail
Updated
8:00 AM MYT

 

KUALA LUMPUR – A total of 10.38% of the Armed Forces Fund Board’s (LTAT) shares in Boustead Naval Shipyard Sdn Bhd (BNSSB) have been transferred to Finance Ministry-owned Ocean Sunshine Bhd to complete the troubled littoral combat ships (LCS) project. 

Prime Minister Datuk Seri Anwar Ibrahim, who is also finance minister, said this in explaining the status of the BNSSB acquisition by the Minister of Finance Incorporated (MoF Inc) as of October 2. 

“The remaining transfers of 68.85% and 20.77% (in shares) belonging to Boustead Holdings Bhd and Perstim Industries Sdn Bhd, respectively, are currently in the process of negotiations.”

“The negotiation is expected to be finalised by the fourth quarter of this year,” he said in a written reply in Parliament today. 

He was responding to a question by Jamaludin Yahya (Pasir Salak-PN) who sought an update on the status of the BNSSB acquisition by the ministry, and an explanation of the objectives of the acquisition. 

Anwar said the direction, vision and mission as well as the objectives of the BNSSB acquisition include ensuring that it can complete the construction of five LCS within the stipulated period as per the Sixth Supplementary Agreement. 

This, he said, is to ensure good governance in the management of government-related companies, including transparent financial management and more organised project management. 

“[This is for] better and more organised budget management to ensure that this project can be implemented according to the contract inked. 

“It is also to ensure that the shipbuilding ecosystem involving local and international vendors, and financial institutions that provide financing can be restored to generate economic activity, especially in Lumut. 

“It is also to ensure the country’s strategic assets are prepared for use by the Royal Malaysian Navy and that the country’s image is preserved,” he said. – October 12, 2023 

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