THHE active, rises 25% on getting Petronas licence

THHE active, rises 25% on getting Petronas licence

THHE active, rises 25% on getting Petronas licence

-A +A

KUALA LUMPUR (Jan 15): Shares in TH Heavy Engineering Bhd (THHE) rose 25% in active trade this morning after it received the green light from Petroliam Nasional Bhd (Petronas) to supply certain products and services to oil and gas companies in Malaysia, after a multi-year suspension due to non-performance in 2016.

At 9.11am, THHE was the most actively traded stock on Bursa Malaysia and rose 2.5 sen to 12.5 sen, for a market capitalisation of RM140.17 million.

THHE said its wholly-owned unit THHE Fabricators Sdn Bhd has been awarded the Petronas licence for three categories: Topside piping and structural, offshore facilities — major fabrication, and tank farms.

However, the approved licence categories did not reinstate THHE as a main contractor of Petronas. The duration of the licence is for a three-year period ending Dec 23, 2022.