Malaysia's MISC in talks to acquire TH Heavy Engineering

Singapore

MISC Bhd, the shipping unit of Malaysia's national oil company Petronas, is understood to have been in talks to buy out Muslim pilgrim fund-sponsored TH Heavy Engineering (THHE) after a proposed RM2 billion (S$687 million) cash injection from Maybank failed to materialise.

The Business Times understands talks have been ongoing for MISC to acquire both the floating production and fabrication businesses of the troubled Malaysian offshore marine contractor, THHE. A decision on the pitched acquisition is expected within weeks if not days, although there are indications the parties involved could not agree on the sale and purchase price of THHE's assets on hand.