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.

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