PETALING JAYA: Steel Hawk Bhd
has received shareholders’ approval at its EGM to diversify into the expanded engineering, procurement, construction and commissioning (expanded EPCC) segment.
In a statement, the oil and gas services and equipment provider said the proposed diversification represents a strategic expansion of Steel Hawk’s existing business into the expanded EPCC segment, enabling the group to leverage on its engineering and project delivery strengths beyond the oil and gas (O&G) sector.
“This positions the group to capture opportunities in high-potential sectors, including amongst others, utilities and power, industrial manufacturing, healthcare, defence, telecommunications, and large-scale commercial projects.
“With shareholders’ approval secured, Steel Hawk is poised to broaden its earnings base, reduce reliance on the O&G sector, and build a more resilient business model that will sustain long-term growth and capture new opportunities in Malaysia’s expanding infrastructure and energy development landscape.”
Steel Hawk said its diversification will be anchored by its first venture outside the O&G segment - a collaboration agreement with Ibrahim & Sons Engineering Sdn Bhd to jointly undertake subcontract works for TNB involving the installation, testing and commissioning of 11 kilovolts (kV) and 33kV underground aluminium cross-linked polyethylene power cables and accessories, with a combined contract value of approximately RM92.66mil.
Deputy chairman and executive director Datuk Sharman K. Michael said the group is well-positioned to leverage its core engineering strengths to capture opportunities in sectors driven by ongoing infrastructure and energy development, following today’s approvals.
“Diversifying into areas such as utilities and power, transportation, and public infrastructure will not only broaden our revenue base but also enhance long-term business resilience.”
