Kuala Lumpur, 2 December 2020 – Boustead Holdings Berhad (“Boustead” or the “Company”) reiterates the Company’s commitment to uphold the highest standards of integrity, accountability and professionalism in the conduct of its businesses throughout its operations and subsidiaries.

Boustead Heavy Industries Corporation Berhad (“BHIC”), a subsidiary of Boustead, is a company with diverse interests in the defence, security and marine sectors. Its principal activities are shipbuilding; ship repair; maintenance, repair and overhaul of military assets and equipment, manufacturing on aerospace components and management of Integrated Logistics Services Support.

Through its activities, BHIC contributes to safeguarding Malaysia’s maritime security and interests, and to the development of the nation’s defence and marine industries. It also generates many multiplier effects to the nation’s economy, helps nurture local talent especially in high-skilled activities, and contributes to the development of Small Medium Enterprises (“SME”) through its Vendor Development Programme and pool of local suppliers in the defence, security and marine sectors.

BHIC plays a part in realising the objectives of national agendas such as making Malaysia a high-income nation, attaining self-sufficiency in the defence sector as aspired in the Defence White Paper and enhancing the contribution of SME to the nation’s economic growth.

With reference to a press release issued by BHIC dated 26 November 2020, Boustead supports BHIC’s stance in filing a report to the Malaysia Anti-Corruption Commission (“MACC”) on possible irregularities in its associate company, Boustead Naval Shipyard Sdn Bhd. Boustead would like to state that we take a zero-tolerance approach to bribery and corruption as outlined in the MACC Act 2009.

We remain committed to the values and aspirations contained in the Company’s Anti Bribery and Corruption Policy Statement. These include preventing bribery and corruption and upholding the highest standards of integrity, accountability and professionalism in the conduct of our businesses.


About Boustead Holdings Berhad

Boustead Holdings Berhad (‘Boustead’), one of Malaysia’s oldest conglomerates, is Lembaga Tabung Angkatan Tentera (‘LTAT’)’s investment arm. The diversified Group comprises more than 90 subsidiaries, associate companies and joint ventures, and has substantial interests in various sectors of the Malaysian economy.

Its operations are focused in five key areas namely plantation, heavy industries, property & industrial, trading, finance & investment, and pharmaceutical.

Since its inception as a modest trading entity more than 190 years ago, the Boustead Group has grown by leaps and bounds. As at 30 September 2020, Boustead Holdings Berhad’s paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM3.5 billion. Market capitalisation is currently in the region of RM1.3 billion. For more information on Boustead, log on to www.boustead.com.my.

For more details, please contact Boustead’s Group Corporate Communications Department at gcom@boustead.com.my.