MALAYSIA PRESS-TH Heavy and McDermott finalise joint venture-The Edge Financial Daily
TH Heavy Engineering Bhd and McDermott International Inc have formalised their joint-venture (JV) following the approval of THHE's shareholders at an annual general meeting (AGM) on June 3 this year.
Both parties had earlier announced a JV company with a 50:50 ownership to provide engineering solutions for offshore oil and gas (O&G) fabrication works.
This follows the swapping of McDermott's 30 percent stake in its locally incorporated Berlian McDermott Sdn Bhd, a transport and installation company in the offshore O&G sector, for a 30 percent stake in TH Fabricators Sdn Bhd.
The companies said in a joint statement on Thursday that the JV would specifically focus on meeting the increasing needs of energy clients in Malaysia.-The Edge Financial Daily.
Bursa starts gold futures trade-Business Times
Khazanah to take 20 pct stake in Inari-Business Times
NOTE: Reuters has not verified these stories and does not vouch for their accuracy.
- Radar showed missing plane may have turned back: Malaysia military
- Exclusive: Malaysia plane probe narrows on mid-air disintegration - source
- Missing Malaysian jet may have disintegrated in mid-air: source |
- Malaysian plane presumed crashed; questions over false IDs |
- Merkel raps Putin as Russian forces tighten grip on Crimea |