KUALA LUMPUR: TH Heavy Engineering Bhd, which is involved in the fabrication of offshore oil and gas (O&G) facilities, saw its share price fall 1.5 sen or 4.17% yesterday to 34.5 sen, with about 16.3 million shares traded, a day after banking tycoon Tan Sri Quek Leng Chan ceased to be a substantial shareholder in the company.

According to a Bursa filing on Wednesday, the billionaire had disposed of some 38.86 million shares of TH Heavy (fundamental: 0.35; valuation:0.3) via his indirect stake in Guoline Capital Ltd, Guoline Capital Assets Ltd, Hong Leong Co (M) Bhd and HL Holdings Sdn Bhd.

Quek, who is rumoured to have an interest in the O&G industry, chairs privately held conglomerate Hong Leong Co (M) Bhd which is involved in the finance, property and food sectors.

Quek first emerged as a substantial shareholder in TH Heavy in May 2013 with 92.8 million shares or a 9.09% stake in the company.

With the disposal yesterday, he should still hold about 53.94 million shares or about 4.81% indirect stake in TH Heavy.

He also has an indirect 6.49% stake in marine offshore service provider Alam Maritim Resources Bhd through his vehicle Associated Land Sdn Bhd, after emerging as a substantial shareholder in Alam Maritim last year.

His associate Paul Poh also holds a 7.86% stake in Alam Maritim (fundamental:1.6; valuation: 1.1) through his vehicle Caprice Capital International Ltd.

The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in The Edge Financial Daily, on April 17, 2015.