Boustead Heavy Industries Corporation Bhd (BHIC) is selling the group’s entire 20.77 percent stake in loss-making Boustead Naval Shipyard Sdn Bhd (BNS) to Ocean Sunshine Bhd, an indirect unit of Minister of Finance (Inc), for RM1.

The disposal of the 27 million shares, held by BHIC’s indirect wholly-owned subsidiary Perstim Industries Sdn Bhd, is to facilitate the government’s decision to acquire 100 percent of BNS shares in order to ensure the completion of the littoral combat ship (LCS) project, the defence contractor said in...