KUALA LUMPUR (Nov 21): Lembaga Tabung Haji (LTH), which has been accumulating shares in Muhibbah Engineering (M) Bhd over the past two months, has upped its stake to 10.03% as at today, from 5.03% on Oct 17.  

In two separate filings with Bursa Malaysia today, it was revealed that the pilgrim fund had been net buyer of 6.9 million Muhibbah shares between Nov 14 and 17, raising its shareholding to 8.56%.

Subsequently LTH acquired additional 6.29 million shares in the company on Nov 20, hence bringing its accumulated shareholdings to 43.07 million shares or a stake of 10.03%.

Muhibbah’s share price, which was trading at RM 2.25 a year ago, had caused some excitement among investors when its share price peaked at RM3.43 in July this year, due to the positive outlook for the company’s oil and gas infrastructure business.

However, it’s share price tumbled to a low of RM 2.11, on which its downward spiral had been attributed by analysts to “confusion” over the winning party for the regasification facilities contract, given out by Petroliam Nasional Bhd (Petronas).

The stock had lost 70 sen or 24% for the month, so far.