The Company wishes to announce that the Board of Directors of BHB had on 29 May 2023 acknowledged the receipt of the letter from the Ministry of Finance (Incorporated) of its intention to acquire 68.85% or BHB's entire equity interest in Boustead Naval Shipyard Sdn Bhd, the terms of which is subject to negotiations between the parties. 

Any further material developments on the above matter will be announced to Bursa Malaysia Securities Berhad accordingly. 

This announcement is dated 29 May 2023.