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BHIC stock price sees huge jump after securing RM1.1 bil contract from Defence Ministry | Scoop
BHIC stock price increases after securing RM1.1 billion contract from Defence Ministry – Bernama pic, June 13, 2024
News

BHIC stock price sees huge jump after securing RM1.1 bil contract from Defence Ministry

Company shares increase about 23% to 59 sen within three minutes of market opening

Bernama
Updated
1:41 PM MYT

 

KUALA LUMPUR – Boustead Heavy Industries Corp Bhd (BHIC) stock price increased tremendously in six months after securing a RM1.1 billion service contract from the Defence Ministry.

The stock climbed nearly 23% or 11 sen to 59 sen within three minutes of the market opening.

It was trading at 53.5 sen, up 5.5 sen, by 11.05am – with 1.2 million shares changing hands.

BHIC announced yesterday that it had won a performance-based in-service support contract for the Royal Malaysian Navy’s Prime Minister-class submarines.

The defence contractor stated that its wholly-owned subsidiary, BHIC Submarine Engineering Services Sdn Bhd (BSES), had accepted a letter of award from the Defence Ministry.

“A formal contract between the Malaysian government and BSES will be finalised and executed at a later date,” BHIC said in a filing with Bursa Malaysia today.

BHIC added that the contract will  contribute positively to the group’s earnings for the financial year ending December 31, 2024. – June 13, 2024

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