BHIC gets nod to sell 51pc CAD stake

KUALA LUMPUR: Boustead Heavy Industries Corporation Bhd (BHIC) received shareholders’ approval at an extraordinary general meeting yesterday to sell a 51 per cent stake in Contraves Advanced Devices Sdn Bhd (CAD). BHIC is disposing of 2.55 million shares for RM54 million as part of its strategic realignment to deliver optimum value to its shareholders. BHIC chief executive officer Feroz Razi Ramli said the disposal provided opportunity to monetise investment in CAD as well as the capital for it to venture into new businesses.