Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 30): TH Heavy Engineering Bhd (THHE) says its new chief executive officer (CEO) Suhaimi Badrul Jamil's banking and finance background as well as his restructuring experience should help take the company "on a fresh course in the low-for-long crude price environment".

In a statement today, the company said Suhaimi's extensive experience in the oil and gas (O&G) industry and finance and banking will help the company focus on the right business strategies to shape it into a robust entity with a balanced portfolio of O&G and non-O&G businesses.

Suhaimi, meanwhile, said: "As a CEO my priorities are to set THHE on a new path by securing new business opportunities that are not bound by the vacillating crude price environment, and by aggressively pursuing cost optimization."

In terms of O&G projects, Suhaimi said THHE would be aggressively seeking business opportunities by way of strategic partnerships beyond the shores of Malaysia in the Asean countries and elsewhere to replenish its order book.

"With eight licensed fabricators throughout Malaysia, the 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.

Last Friday (Aug 26), THHE appointed Suhaimi as CEO effective Sept 1, replacing Nusral Danir, who has tendered his resignation due to personal reason.

Suhaimi is a chartered accountant and is currently the chief financial officer of THHE. He also holds directorship in Protasco Bhd.

THHE shares were unchanged at 18.5 sen as of 4.52pm, for a market capitalisation of RM207 million.

 

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