TH Heavy Engineering replaces CEO, eyes new biz

PETALING JAYA: TH Heavy Engineering Bhd (THHE), which will replace its CEO in September amidst concerns over its financial health, said it is set to secure new business opportunities not bound by the volatile crude price environment, and aggressively pursue cost optimisation.
“My appointment comes at a time when the company is facing some very challenging times. However, I take these as opportunities for improving the company even further,” its newly appointed CEO Suhaimi Badrul Jamil said in a statement yesterday.
“My focus will be to give the company a balanced mixture of oil and gas and non-oil and gas businesses,” he noted.
Suhaimi pointed out that in terms of oil and gas projects, THHE would be aggressively seeking business opportunities by way of strategic partnerships beyond the shores of Malaysia in the Asean region and elsewhere to replenish its order book.
“With eight licensed fabricators throughout Malaysia, competition is intense and in a low crude price environment such as the last two years, the competition has become deadly for some. There are far too many fabricators chasing far too few projects,” he added.
Suhaimi has been a key member of the THHE leadership team since December 2013 and will take over from Nusral Danir whose term expires today.