KUALA LUMPUR (Dec 26): Boustead Heavy Industries Corp Bhd (KL:BHIC) has appointed former Royal Malaysian Air Force (RMAF) chief Tan Sri Roslan Saad as its independent non-executive chairman.

It is understood that Roslan’s appointment to the helm of the defence contractor’s board fills a seat which has been vacant since his predecessor, former navy chief Tan Sri Ramlan Mohamed Ali, resigned from the post back in June 2021.

In a bourse filing on Thursday, BHIC said Roslan's long career in RMAF culminated with a two-year tenure as chief till 2016.

BHIC is 72.4%-owned by Armed Forces fund Lembaga Angkatan Tentera (LTAT) via Boustead Holdings Bhd.  

Over the past few years, BHIC was stuck in turbid waters amid the littoral combat ship (LCS) project debacle along with Boustead and LTAT.

Then, the company owned a 20.77% stake in LCS contractor Boustead Naval Shipyard Sdn Bhd (BNS), which mismanaged the project resulting in delays and cost overruns. Boustead Holdings owns 68.85% in BNS while LTAT owns 10.38%.

BNS has since been disposed to Ministry of Finance Inc-owned Ocean Sunshine Bhd and renamed to Lumut Naval Shipyard as part of the government’s plan to assume full control of the long-troubled project.  

Recently, BHIC shareholders greenlighted the disposal of its 51% stake in former LCS subcontractor Contravenes Advances Devices Sdn Bhd to German defence firm Rheinmetall AG for RM54 million.

Shares in BHIC ended 2.5 sen or 6.1% lower at 38.5 sen, valuing the company at RM217.25 million.