KUALA LUMPUR: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) has partnered with South Korean HD Hyundai Marine Solution Co. Ltd (HD HMS), to accelerate maritime decarbonisation efforts.
MMHE's subsidiary Malaysia Marine and Heavy Engineering Sdn Bhd signed a two-year memorandum of understanding (MoU) with the option to extend for another two years, according to a filing with Bursa Malaysia.
In a separate statement, MMHE said the collaboration aims to establish a cooperative relationship between MMHE and HD HMS, spanning from marketing to the delivery of works related to green retrofit solutions.
Through this collaboration, MMHE said it will be HD HMS' strategic partner for green retrofit solutions installation within the regional territory in Southern Asia.
"By combining MMHE's expertise with HD HMS' cutting-edge design and system engineering capabilities, this collaboration aims to accelerate the integration of sustainable technologies in vessel operations, underscoring MMHE's commitment to advancing maritime sustainability and reducing the industry's carbon footprint," MMHE said.
MMHE managing director and chief executive officer Mohd Nazir Mohd Nor said the collaboration aligns perfectly with the company's strategy to diversify portfolio by balancing traditional and clean energy opportunities.
"MMHE's five decades of proven expertise in ship repair, retrofitting and conversion combined with HD HMS' innovative green technologies, will significantly contribute to our customers' decarbonisation efforts, propelling the maritime industry toward more sustainable practices," he added.
MMHE's share price closed 1.5 sen higher at 46.5 sen, giving it a market capitalisation of RM744 million.