TH Heavy Engineering, OHP Ventures ink MoU on RE collaboration

KUALA LUMPUR: TH Heavy Engineering Bhd (THHE), a subsidiary of Urusharta Jamaah Sdn Bhd, has entered into a memorandum of understanding with OHP Ventures Sdn Bhd to explore opportunities within the renewable energy space via the injection of the latter's renewable energy assets.

In a statement, THHE said the assets comprise mainly of hydropower plant development.

It said the MoU is part of its exercise to build capacity and capability by having a new stream of assets to strengthen its financial footing via diversification of its revenue stream.

“I am honoured and delighted to see close collaboration between THHE and OHPV which will enable THHE to venture into the renewable energy spectrum via asset ownership business that will generate sustainable income to THHE.

"This collaboration will also assist THHE in the formulation of a sustainable Regularisation Plan to Bursa Malaysia Bhd in accordance with the requirements under PN17 of the Main Listing Requirements,” said THHE executive committee member Ahmad Yusof Mohamad.

OHP Ventures director Mustakim Mat Num added that the signing will create a path for both companies to collaborate on assets ownership via development of power generation and other renewable resources.