KUALA LUMPUR (Dec 21): Shares of BOUSTEAD HEAVY INDUSTRIES CORP []oration Bhd (BHIC) pared down their gains on Wednesday after BOUSTEAD HOLDINGS BHD [] denied a news report that it was considering taking the former private.
At 3pm, BHIC was up seven sen to RM3.25 with 1.29 million shares traded, down from its earlier intra-morning high of RM3.41.
Boustead had clarified to Bursa Malaysia Securities Bhd that it was currently not considering any proposal to privatise BHCI.
Citing unnamed sources, it was reported by a local newspaper that Boustead was planning to take BHIC private “driven largely by the latter's seemingly cheap valuations especially in light of the recent RM9 billion vessel contract it has been awarded”.
BHIC's associate Boustead Naval Shipyard Sdn Bhd was last week awarded a contract with a ceiling of RM9 billion by the Defence Ministry to design, build and deliver six second-generation patrol vessels or Littoral combat ships.
At 3pm, BHIC was up seven sen to RM3.25 with 1.29 million shares traded, down from its earlier intra-morning high of RM3.41.
Boustead had clarified to Bursa Malaysia Securities Bhd that it was currently not considering any proposal to privatise BHCI.
Citing unnamed sources, it was reported by a local newspaper that Boustead was planning to take BHIC private “driven largely by the latter's seemingly cheap valuations especially in light of the recent RM9 billion vessel contract it has been awarded”.
BHIC's associate Boustead Naval Shipyard Sdn Bhd was last week awarded a contract with a ceiling of RM9 billion by the Defence Ministry to design, build and deliver six second-generation patrol vessels or Littoral combat ships.
