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Overview
Financial Highlight
HeadlinesBusiness Background Boustead Heavy Industries Corp Bhd is a company with diverse maritime and aerospace interests in the defence, enforcement and security, commercial and energy sectors. Under the Defense and security segment it is engaged in shipbuilding and maintenance, repair and overhaul of Navy's patrol vessels, whereas the Energy segment focuses on the fabrication of steel structures and platforms, marine engineering, oil and gas fabrication and other services related to the oil and gas industry; and the Commercial units is involved in the activity of heavy engineering, shipbuilding, providing trainings, trading of goods and MRO of aircraft wheels and brakes. Geographically it operates fully within Malaysia.
  CUTLOST Wow 574% profit.. Actually it gd news for the group.. Hope tmr it will spike up to the highest 10/06/2020 8:12 PM  Good123 more profitable in future after VSS. Right-sizing Exercise An exercise was undertaken to identify the optimal organisational structure for the Group. An obvious component of this exercise is a critical review of appropriate human capital resources, which will impact the entire Group. Specific right-sizing initiatives, based on the Group’s established performance appraisal processes, have commenced in all primary operating facilities, including the head office and will lead to a reduction in overall employee headcount. This exercise is expected to be completed by 30 June 2021. As at 31 March 2020, a total of 160 personnel had accepted the mutual separation scheme offered by the Group since 2016 with a total payment of RM11.5 million. 10/06/2020 8:40 PM Good123 hold bhic. closing non-performing units. Internal Business Reorganisation
The Group started an exercise to review the operational structure and decided to merge the operations of certain business units. Three non-performing business units have been identified and the closure is ongoing. The closure resulted in a retrenchment of 78 staffs with a total payment of RM5.7 million. 10/06/2020 8:42 PM Good123 recently the construction of the remaining three Littoral Mission Ships (“LMS”) in China has
resumed post Covid-19. Both the LCS and LMS Programmes are ongoing at slower progress. The Associate and China Shipbuilding 10/06/2020 8:46 PM Good123 urusharta has 15mil shares to dump, unfinished yet Changes in Sub. S-hldr's Int (Section 138 of CA 2016) BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD Particulars of substantial Securities Holder NameURUSHARTA JAMAAH SDN BHDAddressTingkat 7, Bangunan Setia 1, 15 Lorong Dungun, Bukit Damansara Kuala Lumpur 50490 Wilayah Persekutuan Malaysia.Company No.201801045610 (1307642-V)Nationality/Country of incorporationMalaysiaDescriptions (Class)Ordinary Shares Details of changes NoDate of change No of securities Type of TransactionNature of Interest118 May 2020 11,000 DisposedDirect InterestName of registered holderCITIGROUP NOMINEES (TEMPATAN) SDN BHD URUSHARTA JAMAAH SDN BHD (NOMURA 1)Address of registered holderLEVEL 42, MENARA CITIBANK, 165 JALAN AMPANG, 50450 KUALA LUMPURDescription of "Others" Type of Transaction Circumstances by reason of which change has occurredDisposedNature of interestDirect InterestDirect (units)15,845,267Direct (%)6.377Indirect/deemed interest (units)Indirect/deemed interest (%)Total no of securities after change15,845,267Date of notice19 May 2020Date notice received by Listed Issuer21 May 2020 Remarks :The total direct shares of 15,845,267 are held as follows: - 1) Citigroup Nominees (Tempatan) Sdn Bhd, Urusharta Jamaah S B (Aberdeen 1) - 4,766,633 2) Citigroup Nominees (Tempatan) Sdn Bhd, Urusharta Jamaah Sdn Bhd (Maybank 1) - 6,102,634 3) Citigroup Nominees (Tempatan) Sdn Bhd, Urusharta Jamaah Sdn Bhd (Nomura 1) - 4,976,000 Announcement Info Company NameBOUSTEAD HEAVY INDUSTRIES CORPORATION BHDStock NameBHICDate Announced21 May 2020CategoryChange in the Interest of Substantial Shareholder Pursuant to Section 138 of CA 2016Reference NumberCS2-21052020-00082 11/06/2020 10:49 AM Good123 untung Sikit je :). Besides higher revenue from MRO projects, BHIC said the reversal of expected credit losses of RM18.6 million also contributed to the group’s improved financial performance for the quarter. 11/06/2020 4:40 PM hoowk77 Received 154.3mil submarine contract from mindef. Order value near to share mkt capitalization 17/06/2020 12:43 PM davidkkw79 Dont touch tabung haji punya counters, they are well known in lousy company management 06/07/2020 4:28 PM angelo DON'T TOUCH THIS COUNTER. YOU ALL HAVE NO IDEA HOW SERIOUS ARE THE PROBLEMS FACED BY ITS ASSOCIATED COMPANY BNS FOR LCS PROJECT. CREDITORS WILL START SUING FOR DEBTS OWED! TRUST ME BECAUSE I KNOW AND I CAN'T DISCLOSE ANY INFORMATION HERE. 09/07/2020 8:17 AM angelo Victor Yong This company no more in oil n gas business. The O & G Division has been closed after Petronas terminated and withdraw its license. 09/07/2020 8:22 AM angelo https://www.theedgemarkets.com/article/boustead-rm9b-warship-project-delay-mindef-mulls-salvaging-two-six-vessels 03/08/2020 11:15 PM angelo Pls avoid this counter. Company having difficulty in paying staff salaries already. 11/08/2020 12:29 PM angelo Staff salaries (for those earning RM5,000 n above) for the month of July 2020 were paid in 2 portions, 50% at the end of July 2020 n the balance 50% in the 1st week of August 2020. The staff salaries for the month of August 2020 will be the same method. As for Sept 2020, will have to wait n see. 29/08/2020 8:05 AM DJThong It has a lousy board. No industry experience providing zero steer. Now not paying staff - useless. 20/11/2020 8:25 AM angelo https://www.theedgemarkets.com/article/bhic-reports-possible-irregularities-its-rm9b-littoral-combat-ship-project-macc 27/11/2020 6:33 PM angelo Condom004. How to fly when UJSB has to dispose all of its share holdings? Anyway, pls stay away from this counter. More bad news to come in the near future. 28/11/2020 2:52 PM  freddiehero aduh.. better faster made payment to daya lo.. u c my daya Jam Sana kuat lama.. bayar la hutang.. kakaka.. 03/12/2020 8:38 AM freddiehero Anti-Corruption Commission on possible irregularities found in the latter's associate company, Boustead Naval Shipyard Sdn Bhd (BNS). 03/12/2020 8:41 AM freddiehero The project, comprising an order for six LCS to be constructed for the Royal Malaysian Navy, was awarded to BNS by the Ministry of Defence in 2011. According to news reports, the first ship from the project should have been delivered in April 2019. However, not even one ship had been completed so far, although the Government had paid BNS RM6 billion. 03/12/2020 8:41 AM freddiehero 3. Littoral Combat Ships Project
Included in Note 5, Note 19 and Note 20 to the financial statements are revenue of RM7,413,000, receivable of RM7,961,000 and contract liabilities of RM 6,020,000 respectively generated from the Littoral Combat Ships Project. On 25 September 2015, Daya OCI Sdn. Bhd. (“DOCI”) was appointed as the subcontractor to supply heating ventilation and air conditioning (HVAC) system for six units of Littoral Combat Ships (“LCS Project”). (a) The LCS project was suspended in January 2020 due to non-payment from the customer. The management is of the view that total amount receivable from this customer amounting to RM7,961,000 as at the end of the reporting period is recoverable and no expected credit loss is required. (b) The allocation of the budgeted and actual costs for the LCS Project have not been appropriately allocated to the six separate performance obligations in accordance with MFRS 15 Revenue from Contract with Customers. As a result of the above matters, we were unable to obtain sufficient appropriate audit evidence to conclude that the closing balance of amount receivable from the customer and any consequential expected credit loss, the opening and closing contract balances and the contract revenue relating to the LCS Project have been appropriately recognised in the financial statements during the financial period. 03/12/2020 8:48 AM Parksonguy Please cincai cincai made 6 sampan then give to government to clear 6billions debt. You got how many ship in government no one care. If really war with singapore also 100% loose. Extra 6ship no different. Build sampan to clear account can liao 22/04/2021 2:12 AM  warchest My new article on Boustead Holdings Bhd. Hope it could add value to all the i3 members. Stay safe Guys https://klse.i3investor.com/blogs/TimelessInvestment/2021-06-05-story-h1566073244-Boustead_Holdings_Bhd_BHB_A_Turnaround_Story.jsp 05/06/2021 4:42 PM dashengyong82 Boustead Holdings Bhd has appointed Izaddeen Daud as group chief executive officer effective Dec 1, 2022, succeeding Datuk Seri Mohamed Shazalli Ramly. Shazalli, who was appointed on Dec 1, 2020, has completed his tenure after two years of service. In a statement, Boustead said Izaddeen’s appointment was in line with the Boustead Group’s Senior Leadership Succession Programme. Prior to his appointment, Izaddeen, 54, was Boustead’s deputy group managing director 30/11/2022 4:52 PM dashengyong82 Boustead chairman Datuk Seri Mohd Redzuan Md Yusof said: “The board has agreed to appoint Izaddeen, who has huge experience and an excellent track record in the corporate sector.“ “He has the board’s full support to lead the group in strengthening the existing core businesses and developing new ventures that will further increase the shareholder value and take Boustead to new heights,” he said. Izaddeen holds a Bachelor of Science (Hons) in Accounting and Law from De Monfort University, Leicester, the UK. 30/11/2022 4:52 PM DickyMe Most educated people are trained to be thieves. What a shame. They are smug and claim it is the smart way of making money, ie scamming. 30/11/2022 4:59 PM  calvintaneng Boustead a high debt laden co Boustead group of companies Affin bank Bplant Bhic Pharmaniaga Affin Bank Under bank negara control Already paid 30 sen dividend to help Boustead but insufficient Pharmaniaga In deep impairment due to unsold vaccines Payables caused losses and triggered Pn17 And the sell down Bhic Another lemon Bplant This is the golden goose Lands of 220,000 acres worth multiple billions if sold to unlock cash and ultimate helper of last resort Verdict is go buy bplant and hold 02/03/2023 9:53 PM  | | ||||||||||||||||||||||||||||||||||||||||||||||||
