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Muhibbah rises in early trade
by hlk Wed 29 Jun 2011, 11:51
KUALA LUMPUR: MUHIBBAH ENGINEERING (M) BHD [] shares rose in early trade on Wednesday, June 29 as investors turned positive on the company on assurances it would not have to write down RM300 million in outstanding payments due from Asia Petroleum Hub (APH)
At 9.05am, Muhibbah was up three sen to RM1.42 with 133,000 shares traded.
Muhibbah managing director Mac Ngan Boon said on Tuesday he believed it would not have to write down RM300 million in outstanding payments due from APH, which was reported to be in receivership.
He was quoted saying APH was actively speaking to potential investors and hoped for a resolution "soonest". He added: "We do not believe there will be a write down. We believe there are other solutions.”
APH is the developer and operator of the APH oil terminal in Johor and had awarded Muhibbah the marine piling and jetty works worth RM820 million.
At 9.05am, Muhibbah was up three sen to RM1.42 with 133,000 shares traded.
Muhibbah managing director Mac Ngan Boon said on Tuesday he believed it would not have to write down RM300 million in outstanding payments due from APH, which was reported to be in receivership.
He was quoted saying APH was actively speaking to potential investors and hoped for a resolution "soonest". He added: "We do not believe there will be a write down. We believe there are other solutions.”
APH is the developer and operator of the APH oil terminal in Johor and had awarded Muhibbah the marine piling and jetty works worth RM820 million.
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