THHE plans private placement

PETALING JAYA: TH Heavy Engineering Bhd (THHE) has proposed to undertake a private placement of up to 10% of its shares, or 125.8 million shares, expecting to raise gross proceeds of RM100.6mil based on an indicative issue price of 80 sen per share.

For the first tranche, Pelaburan Mara Bhd had agreed to subscribe for 52.8 million placement shares at the issue price of 80 sen, reflecting a discount of 2.89% to the five-day volume-weighted average market price of THHE shares up to Sept 23, it said in a filing with Bursa Malaysia.