Maybank to extend RM2b lifeline to TH Heavy Engineering

Singapore

MALAYSIAN pilgrim fund-oilfield services provider, TH Heavy Engineering (THHE), is set to receive up to RM2 billion (S$682 million) in cash injection from Maybank as part of an operational and financial restructuring.

THHE had failed to turn around its loss-making business, having struggled to replenish the order book of its Pulau Indah fabrication yard and execute its first floating production, storage and offloading vessel (FPSO) contract.

Its financial health was further threatened when its anchor shareholder, Lembaga Tabung Haji (LTH) - a Malaysian pilgrim fund - reportedly chalked up sizeable…