IT’S been three days since the deadline has passed for TH Heavy Engineering Bhd
(THHE) to have concluded a deal to acquire a private oil and gas (O&G) company called ICE Petroleum Engineering Sdn Bhd.
THHE has remained quiet. As of yesterday evening, THHE had not made any Bursa Malaysia filings. Neither has the company replied to a query on the matter from StarBizWeek.
So what gives and what is in store for the ailing THHE, which at last count was in a net debt position of some RM138mil, facing lawsuits in Dubai for one of its floating production, storage and offloading vessels and still stuck in a Practice Note 17 (PN17) status?
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