SHAH ALAM: THHE buys Destini’s shipbuilding venture. Tabung Haji owned subsidiary THHE Bhd is buying its partner Destini Bhd’stake in a ship building company for RM121,131. The company is of course the one building the MMEA’s OPV. Malaysian Defence had previously reported on this before.
From The Star:
“The proposed acquisition of THHE Destini Sdn Bhd (TDSB) is in line with the Group’s intention to grow its ship building and ship repair business,” THHE said in a filing with Bursa Malaysia today. The deal, THHE said, will also allow the Group to “further strengthen its technical capabilities and track record in ship building and ship repair businesses which will open up more business opportunities in the ship building and ship repair sectors.”
THHE currently owns 49% of TDSB. Meanwhile, Destini said the disposal would allow the loss making company to shift its focus from marine manufacturing to marine services.
“The proposed disposal will also enable Destini to build and strengthen its other divisions such as energy and rail & land transport, which the Group is currently participating actively within the industries,” it said.
This basically means that THHE will now fully owned TDSB the company that is building the MMEA OPV, which delivery has been delayed later this year. This also likely mean that both companies will be free to tender for the LMS Batch 2 if and when the government decides to fund the project. It mus be noted that Destini still has its own shipyard, Destini Shipbuilding and Engineering Sdn Bhd, the company that build the NGPC or the Bagan Datuk class of patrol boats of the MMEA.
My sources are saying that the LMS Batch 2 programme is likely to be setback further in RMK12 with the government as yet to table it in Parliament. With a general election likely later this year, it is likely that funding for RMK12 will only be tabled next year.
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