KUALA LUMPUR: Money-strapped TH Heavy Engineering Bhd (THHE), a ministry of finance-owned (MoF) firm, is looking for to voluntarily wind up the offshore oil and gasoline fabricator and shipbuilder.
The choice to wind up the corporate, which can be partly owned by Lembaga Tabung Haji, was made a 12 months after its delisting from Bursa Malaysia.
It additionally indicators the tip of the street for the corporate beforehand often known as Ramunia Holdings Bhd, which was one of many excessive flyers through the oil and gasoline business’s increase years.
In a winding-up discover, THHE cited the primary motive was as a result of its incapacity to maintain operations which can be attributed to excellent liabilities, in line with a report in The Edge. It additionally acknowledged a gathering of collectors is scheduled on Oct 4.
THHE was listed on the Principal Market of Bursa in January 2005, after being actively concerned within the oil and gasoline business since 2002, and shipbuilding and ship restore since 2016.
Its wholly owned subsidiary, THHE Fabricators Sdn Bhd (THF), was one of many few Petronas-licensed main fabricators and shipbuilders in Malaysia.
The corporate is managed by the MoF unit known as Urusharta Jamaah Sdn Bhd, which holds a 64.45% stake within the firm previous to its delisting on Sept 5, 2022. Lembaga Tabung Haji emerged as a considerable shareholder in 2007 earlier than turning into a controlling shareholder in 2012.
In 2014, the O&G business downturn pulled the corporate additional into the purple, and it has not been in a position to get well ever since.
Makes an attempt to shift focus in direction of constructing vessels such because the offshore patrol vessels (OSVs) for the ministry of residence affairs have been unsuccessful in reviving its monetary standing.
In Sept 2022, THHE was delisted after failing to give you a restructuring train regardless of being given eight extensions by the change since getting into Apply Observe 17 (PN17) standing in April 2018.
The choice to wind up got here after THHE filed an ex-parte originating summons in July to name for a collectors’ assembly to suggest a scheme of association for the corporate.
International Mariner Offshore Companies, Blackstone Know-how Sdn Bhd and Dynac Sdn Bhd have reportedly filed functions to intervene in THHE’s ex-parte utility.
THHE had a three way partnership partnership with International Mariner, however a authorized dispute arose between the 2 corporations. The Excessive Court docket ordered THHE to pay International Mariner roughly RM288.72 million in damages.
This judgment was a results of THHE’s failure to honour a shareholder’s settlement, particularly the switch of its 80% stake in Floatech (L) Ltd to International Mariner, following THHE’s default on its loans.
Based on the winding-up discover, the board of administrators of THHE handed a decision to wind up the corporate on Sept 8.
In the meantime, Andrew Heng and Ashvin Mahendran of Baker Tilly Insolvency PLT have been appointed because the interim liquidators, the discover stated.
As at end-June 2022, THHE had a capital deficiency of RM210.87 million. It had RM393.14 million in complete liabilities in opposition to RM182.27 million in complete property.