TH Heavy to ex­tend ma­tu­rity of sukuk by one year

The Sun (Malaysia) - - SPEAK UP -

PETALING JAYA: TH Heavy En­gi­neer­ing Bhd (THHE) has writ­ten to the Se­cu­ri­ties Com­mis­sion Malaysia to up­date the reg­u­la­tor on the vari­a­tion of terms to ex­tend the ma­tu­rity date of its non-rated sukuk muraba­hah of up to RM170 mil­lion by one year, from Sept 30, 2016 to Sept 29, 2017.

The off­shore fab­ri­ca­tion and ma­rine ser­vices com­pany said it also up­dated the SC on the sta­tus of com­pli­ance with the rel­e­vant re­quire­ments as set out in the guide­lines on un­listed cap­i­tal mar­ket prod­ucts un­der the Lodge and Launch Frame­work is­sued by the SC.

In 2003, THHE said pro­ceeds from the sukuk muraba­hah will be used to re­fi­nance part of THHE’s ex­ist­ing Is­lamic term fi­nanc­ing, for work­ing cap­i­tal pur­poses and for ex­penses re­lated to the debt is­sue.

Last month, THHE’s wholly owned sub­sidiary O & G Works Sdn Bhd re­ceived a wind­ing-up pe­ti­tion with a claim for RM688,728.23. The loss­mak­ing group has re­ceived 10 windin­gup pe­ti­tions since July this year with claims amount­ing to over RM45 mil­lion.

As at June 30, 2016, THHE’s losses widened to RM40.29 mil­lion on an al­most 67% drop in rev­enue of RM22.24 mil­lion com­pared with the cor­re­spond­ing pe­riod the year be­fore.

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