Shin Yang's unit receives LOI from Home Affairs Ministry for completion offshore patrol vessels
KUALA LUMPUR: Shin Yang Group Bhd's (Shin Yang) wholly-owned subsidiary, Shin Yang Shipyard Sdn Bhd, has received a Letter of Intent (LOI) from the Ministry of Home Affairs to appoint as a contractor for works on offshore patrol vessels (OPVs).
In a filing with Bursa Malaysia today, Shin Yang said the LOI expresses the intention of the Ministry of Home Affairs to appoint Shin Yang Shipyard as the contractor for the completion of the remaining works on OPV 2 and OPV 3 for the Malaysian Maritime Enforcement Agency (MMEA).
"The issuance of the LOI is subject to further discussions and negotiations between the Ministry of Home Affairs and Shin Yang Shipyard regarding specific terms of the proposed shipbuilding contract," it said.
Shin Yang said the LOI does not constitute a legally binding commitment by the Ministry of Home Affairs, and there is no certainty that a definitive contract will be awarded to Shin Yang Shipyard.
"The potential shipbuilding contract, if awarded, is expected to contribute positively to the group's earnings and net assets for the duration of the project.
"However, the exact financial impact can only be determined upon finalisation and execution of the definitive contract," it added.
-- BERNAMA
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
27-05-2025
- New Straits Times
Shin Yang's unit receives LOI from Home Affairs Ministry for completion offshore patrol vessels
KUALA LUMPUR: Shin Yang Group Bhd's (Shin Yang) wholly-owned subsidiary, Shin Yang Shipyard Sdn Bhd, has received a Letter of Intent (LOI) from the Ministry of Home Affairs to appoint as a contractor for works on offshore patrol vessels (OPVs). In a filing with Bursa Malaysia today, Shin Yang said the LOI expresses the intention of the Ministry of Home Affairs to appoint Shin Yang Shipyard as the contractor for the completion of the remaining works on OPV 2 and OPV 3 for the Malaysian Maritime Enforcement Agency (MMEA). "The issuance of the LOI is subject to further discussions and negotiations between the Ministry of Home Affairs and Shin Yang Shipyard regarding specific terms of the proposed shipbuilding contract," it said. Shin Yang said the LOI does not constitute a legally binding commitment by the Ministry of Home Affairs, and there is no certainty that a definitive contract will be awarded to Shin Yang Shipyard. "The potential shipbuilding contract, if awarded, is expected to contribute positively to the group's earnings and net assets for the duration of the project. "However, the exact financial impact can only be determined upon finalisation and execution of the definitive contract," it added. -- BERNAMA
Malaysian Reserve
27-05-2025
- Malaysian Reserve
Shin Yang in line to build two patrol vessels for maritime agency
SHIN Yang Group Bhd said that its subsidiary, Shin Yang Shipyard, has received a letter of intent (LOI) from the Ministry of Home Affairs to construct two offshore patrol vessels (OPV 2 and OPV 3) for the Malaysian Maritime Enforcement Agency (MMEA). The group said the LOI, received on May 20, expresses the government's intention to appoint the shipyard for the project, although a binding contract will only be signed after final negotiations on pricing and payment terms. While the LOI is not legally binding, the group noted that a successful award could enhance its earnings and asset base. Shin Yang also acknowledged potential risks, including project delays, regulatory changes, execution challenges, and manpower and material availability. Shares in Shin Yang Group rose 2.5 sen or 3.38% to close at 76.5 sen today, giving it a market capitalisation of RM830.5 million. — TMR
The Star
27-05-2025
- The Star
Shin Yang's unit receives LOI for offshore patrol vessel work
KUALA LUMPUR: Shin Yang Group Bhd 's (Shin Yang) wholly-owned subsidiary, Shin Yang Shipyard Sdn Bhd, has received a Letter of Intent (LOI) from the Ministry of Home Affairs to appoint as a contractor for works on offshore patrol vessels (OPVs). In a filing with Bursa Malaysia today, Shin Yang said the LOI expresses the intention of the Ministry of Home Affairs to appoint Shin Yang Shipyard as the contractor for the completion of the remaining works on OPV 2 and OPV 3 for the Malaysian Maritime Enforcement Agency (MMEA). "The issuance of the LOI is subject to further discussions and negotiations between the Ministry of Home Affairs and Shin Yang Shipyard regarding specific terms of the proposed shipbuilding contract,' it said. Shin Yang said the LOI does not constitute a legally binding commitment by the Ministry of Home Affairs, and there is no certainty that a definitive contract will be awarded to Shin Yang Shipyard. "The potential shipbuilding contract, if awarded, is expected to contribute positively to the group's earnings and net assets for the duration of the project. "However, the exact financial impact can only be determined upon finalisation and execution of the definitive contract,' it added. - Bernama
