The sale is part of a government takeover of the troubled shipyard, to ensure completion of five frigates for the navy, which have long been delayed.
A parliamentary committee last year criticised the long-delayed littoral combat ship programme, in which only one ship was completed after RM6 billion was spent.
Boustead Heavy Industries Corporation announced the sale in a stock exchange filing today. It said the sale is expected to be completed by the end of the year, Bernama reported. The shipyard was awarded a contract to build six frigates of the Gowind design for the Malaysian navy. However, only one ship was completed after the expenditure of RM6 billion, a parliamentary committee said last year.
The government’s proposed takeover of BNS, to ensure the success of the troubled-LCS programme, was announced in May by defence minister Mohamad Hasan.
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