(Updated)

TH Heavy Engineering executive director Mohamed Niza resigns

TH Heavy Engineering executive director Mohamed Niza resigns
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KUALA LUMPUR (Oct 1): TH Heavy Engineering Bhd (THHE) executive director Mohamed Niza Abu Bakar has resigned from his position effective immediately, citing his intention to pursue other interests or opportunities.

Mohamed Niza, 46, has served in his current role as executive director for 14 months.

In a bourse filing on Friday, THHE said the executive committee of the company will be overseeing its operations and will take over the responsibilities of Mohamed Niza for the time being.

According to the oil and gas company’s latest annual report, Mohamed Niza was previously nominated by the Ministry of Finance to be the executive director of the group as well as a representative of Urusharta Jamaah Sdn Bhd.

He has over 20 years of experience in various fields with a multitude of organisations ranging from the government to public companies and spreading across regulatory functions, manufacturing as well as corporate finance and was involved in all levels from “hands-on operations” to management and leadership.

Loss-making THHE slipped into Practice Note 17 (PN17) status in April 2017 after an audit opinion. It has been given a time extension to submit its regularisation plan by Oct 22 this year.

“The company will make necessary announcements on the regularisation plan in accordance with the requirements under PN17 of the Main Listing Requirements,” it said.

Shares of THHE fell 1.5 sen or 14.29% to close at nine sen apiece, giving it a market capitalisation of RM188.79 million.

Kang Siew Li