M&G sets up JV co to diversify into O&G engineering segment

PETALING JAYA: Marine & General Bhd (M&G) is setting up a joint venture (JV) company with WHS Global Engineering Sdn Bhd to undertake engineering contracts consisting of steel fabrication and hook-up works, as well as the provision of specialised equipment.

In a filing with Bursa Malaysia, the offshore support vessels services provider said the JV company, M&G WHS Engineering Sdn Bhd, will have an initial paid-up share capital of RM100,000.

M&G will have a 70% stake in M&G WHS Engineering.

“This JV provides an opportunity for M&G group to diversify its business activities into the oil and gas (O&G) engineering segment. Through this JV, M&G has the opportunity to enhance its operations, increase the company's overall value, and drive revenue growth.”

M&G added that the JV will be actively pursuing possible contracts in the O&G engineering segment.

“Subject to the successful award of such a contract, the JV is expected to contribute positively to the prospects of the company for financial year ending April 30, 2026 and beyond.”