KUALA LUMPUR (August 8): TH Heavy Engineering Bhd (THHE) has filed an ex-parte originating summons (OS) at the High Court here on July 27, calling for a creditors meeting, under Section 366 and Section 368 (1) of the Companies Act (CA) to propose a scheme of arrangement for its company.

Its wholly owned THHE Fabricators Sdn Bhd has also filed a similar application at the High Court.

In the application sighted by The Edge, THHE wants the creditors meeting to be held within 90 days from the court order, with the liberty to fix the date, time and venue of the meeting.

Further pursuant to Section 368(1) of the CA, they are also seeking to restrain all proceedings against THHE and THHE Fabricators for three months, including but not limited to the enforcement of any security, judgments, and order for commencement of winding up against them.

So far, Global Mariner Offshore Services, Blackstone Technology Sdn Bhd and Dynac Sdn Bhd have filed an application to intervene in the ex-parte application, based on court documents sighted by The Edge.

Global Mariner is formerly a joint venture partner of THHE. Just last month, the High Court ordered THHE to pay Global Mariner US$63.42 million (RM288.72 million) for damages Global Mariner suffered as a result of THHE's refusal to honour a shareholders agreement between them to transfer its 80% stake in Floatech (L) Ltd to Global Mariner, following THHE's default of its loans.

Meanwhile, THHE was slated to deliver its first offshore patrol vessel (OPV) to the Malaysian Maritime Enforcement Agency (MMEA) in July this year, but has failed again to deliver on its promise.

THHE secured the contract to deliver three OPVs to the MMEA for RM738.9 million in January 2017. The first vessel was supposed to be delivered to MMEA in February 2020, the second in May and the last one in August that same year.

After several delays, THHE said it would deliver the first OPV on July 24 this year, but checks show that there has been no such delivery. According to people in the know, there is a new date being bandied about for the delivery of the first vessel — the KM Tun Fatimah — which is in October this year.

THHE was delisted from Bursa Malaysia in September 2022, when it failed to come up with a restructuring exercise to exit the Practice Note 17 category after being given eight extensions by Bursa.

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Court orders THHE to pay JV partner Global Mariner RM288.7 mil for breaching their shareholders agreement