KUALA LUMPUR: TH Heavy Engineering Bhd (THHE) is shifting its business focus from oil and gas to supplying offshore patrol vessels (OPV), said Tabung Haji group managing director and chief executive officer Datuk Johan Abdullah.
He said the company might not be big on oil and gas any more as it wanted to focus on OPV contracts.
“It already has a fabrication yard. In Malaysia, we have only two. In China, 80 per cent of its fabrication yards are empty, which shows how bad it is in terms of oil and gas businesses on fabrication.
“What was being updated to me is that it is going to shift in terms of business focus,” he told the New Straits Times.
He said this when asked about updates on THHE following the arrest of its former CEO and two other personnel by the Malaysian Anti-Corruption Commission (MACC) on Nov 14.
The trio had been remanded for a week to assist a probe into alleged power abuse and corruption involving more than RM39.9 million.
The company had, on Nov 16, said the CEO had ended his tenure with the company on June 30, last year and that it would extend its full cooperation to the MACC over the graft probe.
Johan said he could not comment further on the case as it is still being investigated.
“THHE is indeed our investment and it is involved in oil and gas. However, it is a listed company, so it has its own board and a governance structure.
“The prime focus is to preserve the value of investments that we have in that company while we leave the investigation to the authorities.”