Thursday 28 Mar 2024
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KUALA LUMPUR: TH Heavy Engineering Bhd was actively traded yesterday and closed flat at 35 sen with 24.07 million shares done on recent news that the company was retrenching workers.

TH Heavy had earlier fallen to an intraday low of 34.5 sen.  

To recap, The Edge Financial Daily, quoting TH Heavy’s internal memorandum, had reported that the firm had cut its workforce effective Monday in order to withstand the current headwinds in the oil and gas industry.

thhe_chartThe 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 Tuesday 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 yesterday.

Shares in TH Heavy have fallen by 62.8% from 94 sen on July 23 to yesterday’s closing price of 35 sen. Its market capitalisation stood at RM399.9 million.

This article first appeared in The Edge Financial Daily, on December 5, 2014.

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