TH Heavy explains price surge to Bursa

PETALING JAYA: TH Heavy Engineering Bhd is in preliminary discussions with relevant government agencies to secure a contract for the supply of offshore patrol vessels.

“The terms of the contract remains to be negotiated and is in a state of flux,” it said in a reply to Bursa Malaysia yesterday over the sudden surge of its share price and trading volume.

The company said it intended to capitalise on the strategic location and resources of its fabrication yard and will continue to pursue all opportunities related to the upstream oil and gas business as well as to diversify into downstream and other non-oil and gas businesses such as marine vessel building and repairs. There was no indication on the size of the contract that the company is targeting.

The company is 30%-owned by Lembaga Tabung Haji.

TH Heavy had been hit hard by the downturn in the oil and gas industry.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Business , TH heavy , government , talks , fabrication , stocks , shares , Bursa ,


Next In Business News

Malaysia's total trade up 8.6% to RM236bil in December 2022
SCIB withdraws from JB specialist hospital project
India's Adani kicks off $2.45 bln share sale while under short-seller attack
FBM KLCI set to close lower for third straight day
Malaysia airports records 52.7 million passenger traffic in 2022 - MAHB
Bill Ackman says Hindenburg's report on Adani Group 'highly credible'
Ringgit opens firmer vs US$ on higher oil prices
Kerjaya Prospek, SunCon are top sector picks, says RHB
FBM KLCI retests 1,500 level as US GDP data lifts investor sentiment
Trading ideas: Reservoir Link Energy, MQ Technology, Berjaya Corp and SYF Resources

Others Also Read