Petronas to List Engineering Business on Bursa Malaysia

Petronas confirmed that it is preparing to list an engineering business entity on the Bursa Malaysia this year. The heavy engineering arm, Malaysia Marine and Heavy Engineering Sdn Bhd, resides in MISC Berhad as a wholly-owned subsidiary.

The other PETRONAS companies already listed on the Bursa Malaysia are PETRONAS Dagangan Berhad, PETRONAS Gas Berhad, KLCC Property Holdings Berhad and MISC Berhad.

MMHE, Malaysia's leading marine and heavy engineering entity, registered revenues of over RM4 billion for the financial year ended March 31, 2009. MMHE's performance is driven by three core businesses: engineering and construction services, marine conversion and marine repair. MMHE has grown to become an integrated Engineering, Procurement and Construction (EPC) contractor and Liquefied Natural Gas (LNG) tanker repair specialist with in-house capabilities and is committed to the pursuit of growth in strategic areas and enhancement of capability through investments in infrastructure, technology and human capital.

MMHE runs a yard in Pasir Gudang, Johor, which is one of the largest in the region and the only one capable of undertaking Floating Production Storage and Offloading and Floating Storage Offloading conversions and fabrication of high tonnage offshore oil and gas structures in Malaysia.