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 Home Affairs Ministry appointing it as a contractor for work on offshore patrol vessels (OPVs).

In a filing with Bursa Malaysia yesterday, Shin Yang said the LoI expresses the intention of the of Home Affairs Ministry to appoint Shin Yang Shipyard as the contractor for the completion of the remaining work on OPV 2 and OPV 3 for the Malaysian Maritime Enforcement Agency.

“The issuance of the LoI is subject to further discussions and negotiations between the Home Affairs Ministry and Shin Yang Shipyard regarding specific terms of the proposed shipbuilding contract,” the group said in its filing.

Shin Yang added that the LoI does not constitute a legally binding commitment by the Home Affairs Ministry, and there is no certainty that a definitive contract will be awarded to Shin Yang Shipyard. — Bernama