DATUK Abd Aziz Sheikh Fadzir, the new chairman of TH Heavy Engineering Bhd (THHE), may be an independent and non-executive director, but market talk is that he is likely to be tasked with reviving the cash-strapped company. Checks on Bursa Malaysia show that Abd Aziz had a couple of stints as a director of Destini. THHE’s largest shareholder is Urusharta Jamaah Sdn Bhd, a Ministry of Finance entity set up to take over selected assets of pilgrim fund Lembaga Tabung Haji. He was previously chief operating officer of Grade One Marine Shipyard Sdn Bhd, CEO of MSET Shipbuilding Corp Sdn Bhd, and senior general manager at PSC Naval Dockyard Sdn Bhd. Apart from that, THHE recently sought to buy out Destini Shipbuilding and Engineering Sdn Bhd’s (a unit of Destini) 51% stake in THHE Destini Sdn Bhd for RM121,131, making THHE Destini a wholly owned unit of THHE.

Source: The Edge Markets June 22, 2021 09:56 UTC