KL to retain dockyard control

KL to retain dockyard control

KUALA LUMPUR (AFP): The Malaysian government will maintain control over the country's largest naval dockyard even if it is privatized, Defense Minister Najib Tun Razak said yesterday.

"The government will ensure full control because of national interest. We have decided on a certain percentage of shareholding but that will be announced later," Najib told a news conference.

The cabinet has "in principle" approved the privatization of the dockyard in Lumut in the northern state of Perak. The dockyard is expected to win a lucrative contract to build naval vessels for the Royal Malaysian Navy.

The government had received 35 bids from foreign shipyards for the 15-year contract to build 27 navy patrol vessels.