BHIC AeroServices wins $67M three year RMAF EC725 parts contract

BHIC AeroServices wins $67M three year RMAF EC725 parts contract

31-Mar-2014 Source: BHIC

Publically quoted BHIC (Boustead Heavy Industries Corp) posted the following in an official notice to the Bursa Malaysia Securities recently:-

The Company wishes to inform that its subsidiary, BHIC AeroServices Sdn Bhd (“BHICAS”) has received a letter dated 20 March 2014 from the Secretary General to the Ministry of Defence Malaysia awarding BHICAS an In-Service Support contract for the maintenance and supply of spare parts for the Royal Malaysian Air Force EC725 Helicopters (“the Contract”) at a contract value of Ringgit Malaysia Two Hundred and Twenty Million (RM220,000,000.00) for a period of 3 years from the date of BHICAS’ acceptance of the award. A formal contract between the Ministry of Defence Malaysia and BHICAS will be signed at a later date.

BHICAS is a joint venture between BHIC Defence Technologies Sdn Bhd, a wholly-owned subsidiary of the Company and Prestige Pillar Sdn Bhd and Eurocopter Malaysia Sdn Bhd.

The Contract will have no material effect on the earnings of the BHIC Group for the financial year ending 31 December 2014, but will contribute positively to its future earnings.

None of the directors or substantial shareholders of the Company, or persons connected with them have any interest, direct or indirect, in the Contract.

[at today’s prices, 220M Malaysia Ringgit are worth $67.3M]

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