Boustead Heavy Industries Corp Bhd’s (BHIC) fully owned unit BHIC Defence Technologies Sdn Bhd (BHICDT) has signed an agreement with Switzerland based RD Investment AG (RDI) to form a joint-venture (JV) company in Malaysia.

The agreement is part of a plan to restructure and rebrand their businesses into one entity named Contraves Advanced Devices Sdn Bhd (CAD).

CAD will implement the contracts awarded to BHICDT and RDI, under the Royal Malaysian Navy Littoral Combat Ships Programme for combat system-related infrastructure and services.

BHICDT and RDI agree that the initial issued and paid-up capital of CAD will be RM1 million only, represented by one million ordinary shares of which 510,000 will be allotted to BHICDT and 490,000 shares will be allotted to RDI.