TH Heavy Engineering jumps 11.11% on stepping closer to resolving financial woes

TheEdge Mon, Feb 19, 2018 09:34am - 6 years View Original


KUALA LUMPUR (Feb 19): TH Heavy Engineering Bhd (THHE) jumped 11.11% in early trade this morning on seeing itself a step closer towards resolving its financial difficulties, as its plan to novate its contract with JX Nippon Oil & Gas Exploration (M) Ltd makes progress.

At 9.15am, THHE rose 1 sen to 10 sen with 2.05 million shares traded.

THHE of Feb 15 secured 100% approval from its shareholders to novate the floating, production, storage, offloading (FPSO) facility charter contract with JX Nippon at the Layang gas field in Bintulu to Yinson Holdings Bhd for RM374 million.

The contract novation is a critical component in THHE's scheme of arrangement with its creditors. THHE will use 94.33% or RM352.8 million from the proceeds of the novation agreement to pay its scheme creditors, which will reduce the outstanding settlement sum to RM211.2 million.

 

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