TH Heavy hopes to exit PN17 status

TH Heavy Engineering Bhd (TH Heavy), a Lembaga Tabung Haji (LTH) associate company and formerly known as Ramunia Holdings Bhd, is in the process of applying to Bursa Malaysia for the upliftment
of its PN17 status.

TH Heavy Chairman Datuk Azizan Abd Rahman said the company is confident of the upliftment, saying TH Heavy has complied with all the requirements with a financial regularisation plan.

"TH Heavy hopes the upliftment of the PN17 status will be completed by end-July, and after the regularisation the company will be able to generate funds, through a rights issue to shareholders, for its operations and dockyard purchase," he told a media conference after the company's rebranding from Ramunia Holdings Bhd at the LTH headquarters here today.

Also present was LTH Chairman Tan Sri Abi Musa Asa'ari Mohamed Nor.



Azizan said TH Heavy will make full use of its assets to generate revenue this financial year from new contracts in its core business of fabrication of offshore oil and gas structures and land-based fabrication services.

It assets, from its existing fabrication facilities and new ones in Sandakan and Port Klang, could generate business revenue of RM300 million, he said.

He also expressed optimism that the restructured company would bring back the confidence of investors and business partners. Its unit, Ramunia Fabricators Sdn Bhd (RFSB), has secured a RM177.5 million contract from Sarawak Shell Bhd (SSB).

The contract is expected to contribute positively to TH Heavy's revenue and net assets per share for the financial year ending Dec 31, 2012 and 2013, he added.

Meanwhile, Abi Musa Asa'ari said LTH has invested about RM300 million since 2008 in TH Heavy, in which it is a major shareholder with a 25.17 per cent stake.

He also expressed optimism that LTH's investment in TH Heavy would bring the maximum return on investment to LTH's seven million depositors. Bernama