THHE Offshore gets winding-up petition - Business News | The Star Online


THHE Offshore gets winding-up petition

PETALING JAYA: Oil and gas fabricator TH Heavy Engineering Bhd ’s (THHE) 70%-owned subsidiary – THHE Offshore Services Sdn Bhd – has received a winding-up petition from the Kuala Lumpur High Court.

In a filing with the stock exchange, THHE said it had received the petition two days ago, after Zelican Sdn Bhd had presented it to the High Court on Oct 31.

The case management has been fixed on Nov 15 while hearing would be held on Jan 16, 2017.

THHE said Zelican’s claim was for RM1.1mil, including cost and interest as at Oct 28.

According to THHE’s filings, THHE Offshore owed Zelican for the sum claimed for the supply of manpower and services for the Permas project.

The court ordered a summary judgement against THHE Offshore for RM1.06mil, including 5% interest rate per annum on the outstanding amount from April 20 until the settlement date, together with costs of RM5,000.

The winding-up petition is not expected to have any additional financial and operational impact on THHE.

TH Heavy Engineering Bhd