Tabung Haji injected RM275mil into TH Heavy via a rights issue exercise
KUALA LUMPUR: Shares of TH Heavy Engineering Bhd (THHE) fell to a record low of 6.5 sen in early Friday trade after it was served with two winding-up petitions from its creditors for a collective sum of US$8.88mil (RM35.6mil).
At 9.52am, it was down two sen to 7.5 sen. There were 6.61 million shares done at prices ranging from 6.5 sen to 9.5 sen.
The FBM KLCI was down 1.15 points or 0.07% to 1,649.56. Turnover was 315.15 million shares valued at RM171.74mil. There were 149 gainers, 181 losers and 189 counters unchanged.
Reports said the petitions were for the supply of equipment and work done at the floating production, storage and offloading (FPSO) Layang project.
THHE said the first petition was by MIB Orwell Offshore Ltd and was presented on June 30 to the Kuala Lumpur (KL) High Court. MIB Orwell is claiming US$7.61mil for the supply of equipment and machinery for the FPSO Layang project, and the case management for the petition has been fixed on July 20.
MIB Italiana SPA is claiming US$1.27mil for the supply and installation of quick release hook and mooring hawser for the same project. Case management for this petition was July 15.
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