UOB Kay Hian Malaysia Research expects Malaysian equities to be energised in 1H17 by a firmer ringgit and general election buzz.
KUALA LUMPUR: Loss-making TH Heavy Engineering Bhd has been given more time by the High Court to finalise a rescue plan with its creditors and it has eight months to submit its regularisation plan.
The company, which is involved in the fabrication of offshore oil and gas facilities, posted net losses of RM16.79mil in the second quarter ended June 30, 2017 and net losses of RM37.97mil in the first half.
TH Heavy was classified as a Practice Note 17 affected listed issuer on April 28.
In the latest update issued on Wednesday, the High Court had on Aug 22 granted TH Heavy, THHE Fabricators Sdn. Bhd., THHE Offshore Services Sdn. Bhd. and O&G Works Sdn Bhd a second extension for a further three months from Aug 23.
“The extended restraining Orders will facilitate THHE’s plan to finalise a proposed scheme of arrangement between each applicant and its scheme creditors as well as to regularise its financial condition in accordance with Paragraph 8.04(3) of the Main LR of Bursa Securities,” it said.
TH Heavy has about eight months to submit its regularisation plan to the relevant authorities for approval.
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