KUALA LUMPUR (Dec 4): TH Heavy Engineering Bhd was actively traded in the morning session on Thursday and closed flat at 37 sen with 13.5 million shares done on recent news that the company was retrenching workers.

TH Heavy had earlier fallen to 36.5 sen before steadying to 37 sen at the break.  

To recap, The Edge Financial Daily, quoting TH Heavy's internal memorandum, had reported that the firm had cut its workforce effective Dec 1 in order to withstand the current headwinds in the oil and gas (O&G) industry.

The retrenchment comes amid tumbling crude oil prices on oversupply concerns.

Previously, TH Heavy, which made a cash call to raise RM450 million in October this year, had on Dec 2 applied for an extension to submit the draft circular of its proposed rights and bonus issues.

TH Heavy said the deadline for the submission of the draft circular and additional listing application of the proposals to the stock exchange was today.

Shares in TH Heavy have fallen by 60.64% from 94 sen on July 23 to yesterday’s closing price of 37 sen.