Boustead Heavy Industries Corporation Berhad, (MYX: 8133) often abbreviated as BHIC is a Malaysian industrial group specialised in defence, naval and commercial shipbuilding, ship repair, fabrication of offshore structures as well as maintenance, repair and overhaul of aircraft. The company is a public limited company and the largest shareholder is Armed Forces Fund Board, a government statutory body which provides retirement benefits and a savings scheme for officers of the Malaysian Armed Forces, with a 58.69% stake. The second largest shareholder is Retirement Fund (Incorporated), a company created by the Malaysian Government as an investment company, with a stake of 7.17%.

Boustead Heavy Industries Corporation (BHIC) was listed on Bursa Malaysia in 2007 and the parent company is Boustead Holdings. BHIC was known for its subsidiary Boustead Naval Shipyard (BNS) which is specialised in naval shipbuilding and ship repair. BNS now had taken over by Government and renamed as Lumut Naval Shipyard (LUNAS).

Penang Shipbuilding and Construction - Naval Dockyard Sdn Bhd (PSC-ND), was a division of the Penang Shipbuilding and Construction Industries Bhd (PCSI), a Malaysian Government-Linked Company (GLC), based in Lumut, Perak, Malaysia. The company's primary role was to maintain the Royal Malaysian Navy (RMN) fleet and the Lumut Naval Dockyard.

PSC - Naval Dockyard was born out of the Royal Malaysian Navy's dockyard facilities which was built to provide ship repairs and maintenance services. Under the corporatisation program advocated by the Malaysian Government, the dockyard was corporatised as Limbungan TLDM, a wholly owned government company. It had modern facilities to meet the total maintenance requirements of the Royal Malaysian Navy fleet, from hull repairs to major overhauls and from radar refitting to weapon systems refurbishment.

The company was taken over by the public listed Penang Shipbuilding Corporation Berhad, a company in the stable of the now bankrupt Amin Shah Omar Shah, and renamed PSC - Naval Dockyard Sdn Bhd to reflect the corporate relationship with Penang Shipbuilding Corporation.

In 2005, Public Accounts Committee (PAC) unveiled serious corruption in the PSC-ND and caused solemn concern from the public. Under pressure of the public, Malaysian government enforced a reorganization resulting in the forming of Boustead Heavy Industries.

PSC - Naval Dockyard Sdn Bhd was made the major contractor for the building and delivery of the New Generation Patrol Vessels (NGPV) programme for the Royal Malaysian Navy. An international tender for bids was announced, with Germany, the United States, Australia and United Kingdom amongst others submitting their bids. PSC-ND was set to joint venture with the winner to complete the program.

The German Naval Group (GNG) with their proposed model, based on the Blohm + Voss MEKO 100 design, won the bid. A contract was signed on 13 October 1998 for an initial six units, with the GNG as the major sub-contractor. A member of the GNG, the Hamburg-based Blohm + Voss was to build the first two ships, while PSC-ND was to complete the final fitting out and trials. The remaining ships were to be built at the PSC-Naval Dockyard from ship modules supplied by the GNG, with a gradual increase of local content.