Friday 29 Mar 2024
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KUALA LUMPUR (Oct 27): Practice Note 17 company TH Heavy Engineering Bhd's shares were actively traded this morning with 115.6 million shares changing hands, surpassing its 200-day average trading volume of 4.25 million shares.

The stock had hit a high of 14 sen at 9.48am, marking its highest level since April this year. At 11.59am, TH Heavy shares were up 2.5 sen or 27.8% to 11.5 sen.

An online news report this morning had stated that Yinson Holdings Bhd is in exploratory talks with TH Heavy to buy the company's floating production storage and offloading (FPSO) unit.

The report had said the talks come as Yinson looks at opportunities to invest in "distressed" oil and gas companies. However, it also stated that Yinson has not made a decision on any deal with TH Heavy as talks are at an early stage.

TH Heavy's largest shareholder is Lembaga Tabung Haji with a 29.81% stake.

Meanwhile, Yinson added 0.25% or 1 sen to RM3.94 with 4.55 million shares done.

 

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