Kuala lumpur: Boustead Holdings Bhd (BHB) is setting ambitious objectives to elevate its group revenue from approximately RM12 billion to RM30 billion in the next five years, driven by a strategic business restructuring that centers on defence, property development, and commercial services.
According to BERNAMA News Agency, BHB group managing director Datuk Dr Ahmad Sabirin Arshad disclosed that the conglomerate, which initially began as an agricultural venture dealing with coconuts and warehousing, is undergoing a transformative phase. The company aims to achieve at least 30 percent local content in national defence industry technology products by 2030, which forms a core part of its new strategy.
Dr Ahmad Sabirin highlighted BHB's plan to cultivate roughly 400 vendors within the defence industry ecosystem, thereby initiating a new industry capable of generating national wealth. "We have been given a new focus by shareholders and the Defence Ministry, in line with the National Defence Industry Policy launched last January, to focus on three main areas, namely, defence, property development and commercial services," he stated at the soft launch of Boustead's 200 Year Journey.
In addition to the focus on the defence sector, BHB has been tasked with leading four national defence projects announced by the government, encompassing satellite development, rolling chassis for armoured vehicles, light weapons production, and the Combat Management System development.
The conglomerate is also set to embark on the Batu Cantonment strategic development project alongside the Armed Forces Fund Board. This initiative involves the relocation of nine existing military camps to facilitate the development of a new commercial hub in the capital.
Furthering its expansion, BHB intends to bolster its subsidiaries operating in the tourism and insurance sectors to underpin the group's growth. Chairman General (Rtd) Tan Sri Abdul Aziz Zainal emphasized that the transformation aims to deliver optimal returns to stakeholders, particularly contributors and members of the Malaysian Armed Forces, while ensuring accountability and robust governance.
Moreover, Abdul Aziz noted that BHB plans to form strategic alliances with international partners to gain technology transfer and enhance national capabilities. The selection of credible partners is crucial to ensuring effective technology transfer and aligning with the target of achieving a 30 percent local content in the defence industry by 2030.
Boustead Hotels and Resorts Sdn Bhd chairman Datuk Seri Norliza Abdul Rahim was also present at the soft launch event.