July 6, 2012

TH Heavy Engineering to boost its order book



TH Heavy Engineering Bhd, formerly known as Ramunia Holdings Bhd, expects to boost its order book over the next six months following RM1.5bil worth of tenders it has submitted.

Managing director and chief executive officer Nor Badli Mohd Alias said the company, which is involved in offshore oil and gas fabrication, ad jobs worth about RM220mil which should last it for the next 12 months.

“But we are confident of topping up our jobs, we have tendered for a mixture of overseas and local jobs,” he said after a ceremony to announce the company’s nameyesterday.

The company hoped to have its PN17 status lifted by the end of July after which it would be ready to move on to the next phase of growth, chairman Datuk Azizan Abd Rahman said. Azizan said Lembaga Tabung Haji, its major shareholder which holds 25.17% in TH Heavy Engineeing would serve as a good leverage for the company in this regards.

The company fell into PN17 in March 2010 after selling its Teluk Ramunia fabrication yard to Sime Darby Bhd for some RM530mil.

The 25.17% stake would eventually be raised to 32%, Azizan said “We don’t think it is necessary to go further than that (32%) for now,” he added.

Tabung Haji has invested some RM300mil since 2008 in the company and is the largest shareholder.

Source: The Star (29/07/2012)



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