Hot Stock TH Heavy share, warrant rises on Petronas RSC bid

Hot Stock TH Heavy share, warrant rises on Petronas RSC bid
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Tuesday, 04 June 2013 10:12


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KUALA LUMPUR (June 4): TH Heavy Engineering Bhd (THHE) shares and warrants were highly sought after in the early trade, placing first and sixth on the top actives.

This came on the back of its chief executive officer Nor Badli Mohd Alias revealed the company is seeking a share in Petroliam Nasional Bhd’s (Petronas) lucrative risk service contracts (RSCs) for the production of petroleum in marginal oil fields.

At 9:54 am, the oil and gas (O&G) services supplier’s stock rose 3.5 sen to 81.5 sen on a trade volume of 20.49 million. The shares were earlier traded between 80 sen and 82.5 sen.

Concurrently, its warrants were traded two sen higher at 47.5 sen after reaching a high of 49 sen. A total of 15.92 of THHE warrants were traded.

Speaking to reporters after its EGM and AGM, Nor Badli said the company is bidding for the third round of RSCs dished out by Petronas.

THHE, which is 29.29%-owned by Lembaga Tabung Haji, is bidding for the contracts with an undisclosed foreign partner.

“The previous RSCs given out had a value of not less than RM500 million for one project. If we are successful, it will positively contribute to our business,” Nor Badli was quoted as saying.

He also disclosed THHE has a current order book of RM301 million in value while its tender book is valued at RM2 billion.