THHE: No de­fault on ex­tended sukuk

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: TH Heavy En­gi­neer­ing Bhd (THHE) yes­ter­day re­it­er­ated that it had not de­faulted on its sukuk Muraba­hah of up to RM170 mil­lion, for which it had ex­tended the ma­tu­rity date.

The com­pany said it had man­aged to se­cure the ap­proval of its sukuk hold­ers for the one-year ex­ten­sion prior to the sukuk ma­tur­ing, de­spite only mak­ing an an­nounce­ment to the ef­fect al­most a week af­ter it was due.

THHE told Bursa Malaysia in re­sponse to a news re­port that the pro­ceeds from the sukuk were used to partly re­fi­nance the term fi­nanc­ing for the ac­qui­si­tion of the FPSO Layang ves­sel.

Yes­ter­day, THHE’s 70%-owned sub­sidiary ,THHE Off­shore Sdn Bhd, re­ceived yet another wind­ing-up pe­ti­tion with a claim for RM2.52 mil­lion. The loss­mak­ing group has re­ceived over 10 windin­gup pe­ti­tions since July this year with claims amount­ing to over RM45 mil­lion.

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

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