Boustead Heavy Industries Corporation Bhd.
MMYX:BHIC0.01
MYR
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Boustead Heavy Industries Corporation Bhd.
MYX:BHIC
(Bursa Malaysia)
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- Boustead Heavy Industries Corporation Berhad (BHIC) is a Malaysia-based investment holding company that specializes in maritime, defence, aerospace, and heavy engineering solutions. Founded in 1971 and headquartered in Kuala Lumpur, Malaysia, the company operates as a key defence contractor and engineering partner for the Government of Malaysia and commercial clients across Southeast Asia, operating under parent company Boustead Holdings Berhad and ultimate controlling shareholder Lembaga Tabung Angkatan Tentera (LTAT). The company organizes its operations into three primary business segments: Defence and Security, Commercial Maritime and Heavy Engineering, and Energy and Aerospace. BHIC provides a comprehensive portfolio of products and services, including maintenance, repair, and overhaul (MRO) services for naval surface ships, patrol vessels, and submarines; specialized in-service support, refit, and technical support services for the Royal Malaysian Navy Prime Minister-class Scorpene submarines; naval combat systems integration, maintenance, and upgrading of maritime defense electronics, radar, weapons systems, and telecommunications; commercial shipbuilding, conversion, docking, and minor/major ship repair services for offshore supply vessels, tugs, and commercial craft; heavy steel fabrication and engineering maintenance services for the offshore oil and gas industry; and aerospace maintenance, repair, and overhaul services for government and military rotary-wing aircraft and aviation equipment. In recent strategic developments, BHIC executed a comprehensive regularisation plan to optimize its capital structure and address its Practice Note 17 (PN17) status, which included bilateral debt settlements with financial institutions and operational rationalization. As part of the national restructuring of the Littoral Combat Ship (LCS) program, BHIC divested its entire 20.77 percent equity stake in Boustead Naval Shipyard Sdn Bhd (now Lumut Naval Shipyard Sdn Bhd) to Ocean Sunshine Ventures Sdn Bhd, an entity under Malaysia's Ministry of Finance Incorporated. Following this divestment, BHIC has strategically refocused its primary operations on high-value naval submarine in-service support and refit programs under long-term contract extensions from the Ministry of Defence Malaysia, specialized combat management and weapons system integrations, and the expansion of third-party commercial marine MRO and aviation support contracts.