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Hot Stock TH Heavy jumps 13% on private placement
by hlk Tue 07 May 2013, 12:01
Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com
Tuesday, 07 May 2013 11:09
A + / A - / Reset
KUALA LUMPUR (May 7): TH Heavy Engineering Bhd (THHE), the third
most-actively traded stock on the exchange, jumped 13% on the oil and
gas support-services provider's proposed private placement.
As of 10.44am, THHE rose six sen to 52.5 sen with some 17.4 million
shares done.
The firm plans to place out 92.79 million new shares or 10% of its share
capital to GuoLine Capital Ltd (GCL) and Quek Kon Sean.
GCL is an indirect wholly-owned subsidiary of Hong Leong Co (M) Bhd.
It will subscribe for 7% or about 65 million of the placement shares
while Quek, a director of Hong Leong Bank will take the remaining units.
The proposed placement is expected to raise gross proceeds of up to RM41.8 million and is expected to be completed next
month.
According to THHE, the proceeds will be utilised by the firm for working capital and to finance potential investment projects.
Lembaga Tabung Haji, which controls 32% of THHE, will see a dilution in its stake to 29% after the entry of GCL and Quek.
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com
Tuesday, 07 May 2013 11:09
A + / A - / Reset
KUALA LUMPUR (May 7): TH Heavy Engineering Bhd (THHE), the third
most-actively traded stock on the exchange, jumped 13% on the oil and
gas support-services provider's proposed private placement.
As of 10.44am, THHE rose six sen to 52.5 sen with some 17.4 million
shares done.
The firm plans to place out 92.79 million new shares or 10% of its share
capital to GuoLine Capital Ltd (GCL) and Quek Kon Sean.
GCL is an indirect wholly-owned subsidiary of Hong Leong Co (M) Bhd.
It will subscribe for 7% or about 65 million of the placement shares
while Quek, a director of Hong Leong Bank will take the remaining units.
The proposed placement is expected to raise gross proceeds of up to RM41.8 million and is expected to be completed next
month.
According to THHE, the proceeds will be utilised by the firm for working capital and to finance potential investment projects.
Lembaga Tabung Haji, which controls 32% of THHE, will see a dilution in its stake to 29% after the entry of GCL and Quek.
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