KUALA LUMPUR (July 25): TH Heavy Engineering Bhd (THHE), which was reported to be close to securing a contract over RM700 million, has received an unusual market activity query from Bursa Malaysia over the recent spike in its share price and volume.

In a bourse filing today, the exchange ordered the group to disclose any corporate development, rumour, report or any other possible reason to explain the unusual trading.

The Edge Weekly, in its July 25–31 report, wrote, citing sources, that THHE was close to securing a deal in excess of the sum mentioned, to build at least two boats for the Malaysian Maritime Enforcement Agency.

The contract, which has been negotiated for some time, could be a lifeline for THHE, according to the weekly.

On Friday (July 22), THHE closed 3 sen or 35% higher at 11.5 sen, with some 61.1 million shares traded.

Today, the counter continued its climb to gain 4.5 sen or 39.13% to close at 16 sen, and was among the top actives on the exchange, with some 130.1 million shares done.

At the current price, its market capitalisation stands at RM156.9 million.