KUALA LUMPUR: TH Heavy Engineering Bhd
(THHE) chief executive officer Datuk Nor Badli Munawir Mohamad Alias has resigned effective June 30.
In a filing with Bursa Malaysia, the loss-making oil and gas support industry player said Badli, who is also the company’s managing director, wanted “to pursue other business or career opportunities.”
Nor Badli was once reported as saying that solving corporate problems gave him satisfaction. He had helped to turn around information and communication technology service provider Lityan Holdings Bhd (now Theta Edge Bhd
), a subsidiary of Lembaga Tabung Haji. Tabung Haji is a substantial shareholder of THHE as well, with a 29.81% stake.
The 48-year-old had served in the financial services industry for over 10 years and was helming Lityan before being appointed managing director and CEO of THHE, which fabricates of offshore steel structures for the oil and gas sector, in June 2010.
Executive director Nusral Danir, who worked at the Petroliam Nasional Bhd (Petronas) group for 32 years, has been redesignated THHE chief executive officer. He was country chairman of Petronas Sudan from 2007 to 2011,
THHE failed to turn around in the first quarter (Q1) ended March 31, 2015, after incurring net losses after tax of RM113.9mil (including losses to non-controlling interest) for year ended Dec 31, 2014 despite recording higher revenue.
For Q1 it reported an unaudited net loss of RM18.85mil against a net profit of RM1.72mil in the preceding year’s corresponding period. It attributed the loss to higher-than-expected cost to complete projects, slower fabrication business activities and share of losses from associate and joint venture.
THHE closed 0.5 sen higher at 23 sen on Friday.