Quick take: TH Heavy shares hit by fines slapped by Dubai Court


KUALA LUMPUR: TH Heavy Engineering Bhd (THHE) shares fell over 8% in early trade Tuesday following news that its unit has been fined with US$6.22mil by Dubai Court.


The counter shed 8.33%, or 0.5 sen to 5.5 sen.


THHE announced that its unit Floatech (L) Ltd had received a writ of summons filed by Drydocks World - Dubai LLC on April 23, demanding Floatech to pay the sum of US$6.22mil

(about RM25.82mil).


THHE said the writ of summons was presented to the Dubai Courts of First Instance by Drydocks World to demand Floatech to pay the sum of US$6.22mil for the wharfage charges, maintenance, repairs and installation equipment carried out by Drydocks World on the Layang floating production, storage, and offloading (FPSO) vessel.


In addition, it said that Drydocks World also claimed a legal interest of 12% per annum from due date until the date of full settlement with expeditious execution without bail and all fees, charges and attorney fees.


Corporate News , THHE , TH Heavy