BOUSTEAD Holdings Bhd yesterday entered into a deal to buy a 30% stake in PSC-Naval Dockyard Sdn Bhd for RM166.5mil, a move that not only salvages the troubled offshore patrol vessel (OPV) project but also addresses a chunk of PSC-Naval Dockyard's non-performing loans (NPLs) held by Boustead's banking arm, Affin Bank Bhd.
“The rationale for the acquisition is for Boustead to consolidate its investment in PSC-Naval Dockyard by holding a direct 30% interest in PSC-Naval Dockyard. The investment is considered strategic in nature given the OPV contract and the long-term prospects of PSC-Naval Dockyard,'' Boustead said in a statement to Bursa Malaysia.
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