The board of directors of Hiap Seng Engineering Ltd. announced that the company has incorporated a joint venture company in Malaysia, PTTE Hiap Seng JV Sdn. Bhd. (PHS JV).

PHS JV is principally engaged in mechanical engineering works and services, plant fabrication and installation for the oil, gas and petrochemical industries. The authorised share capital of PHS JV will be MYR 400,000 divided into 400,000 ordinary shares of MYR 1.00 each. The initial issued shares capital in PHS JV will be MYR 100,000 of which MYR 49,000 to be held by the company and MYR 51,000 by Ice Petroleum Engineering Sdn.

Bhd.