Quick take: TH Heavy jumps 25% on heavy volume

January 15, 2020 editor TH Heavy Engineering

KUALA LUMPUR: Shares of TH Heavy Engineering Bhd climbed on Wednesday amid active trading in the morning after the company secured Petroliam Nasional Bhd (Petronas) licence again.

The counter, jumped 25%, or 2.5 sen to 12.5 sen. It is currently the most active counter with 32 million shares traded.

TH Heavy said its wholly-owned subsidiary, THHE Fabricators Sdn Bhd (TFSB), has secured the licence from Petronas to supply product and provide services to oil and gas companies in Malaysia.

The licence is valid for three years, from Dec 24,2019 to Dec 23,2022.

The approved licence categories are for mechanical engineering, engineering maintenance for topside, piping and structural, as well as construction and fabrication of offshore facilities.

“With the newly approved licence, TFSB will now be eligible to be invited to bid for Petronas projects,” it said.

In April 2016, TH Heavy was barred by Petronas from participating in its tenders due to non-performing issues.

Source: TheStar