KUALA LUMPUR (Feb 23): TH Heavy Engineering Bhd, together with three subsidiaries, has been granted a restraining order against any legal actions on them for three months, which will allow them to finalise a scheme of arrangement to repay its creditors.

The order was granted by the High Court today, TH Heavy said in a stock exchange filing. 

The subsidiaries are 70%-owned THHE Fabricators Sdn Bhd and THHE Offshore Services Sdn Bhd, and wholly-owned O&G Works Sdn Bhd. Pilgrim fund Tabung Haji has a 29.81% stake in TH Heavy. 
 
“The orders basically restrain all further proceedings in any action or proceeding against each applicant, including, without derogating from the generality of the foregoing, winding up, execution and arbitration proceedings, as well as any intended or future proceedings for a period of three months from the date of the orders being granted,” TH Heavy said.
 
TH Heavy said the company  has appointed Ferrier Hodgson MH Sdn Bhd to act as adviser for the proposed scheme of arrangement, which it said is in process of being formulated and would be announced in due course.

Listed since 2005, TH Heavy closed at 15.5 sen today, with 3.35 million shares traded, giving it a market capitalisation of RM173 million.