TH Heavy falls 4.17%, a day after Quek ceases to be substantial shareholder

by **Cals** Fri 17 Apr 2015, 00:13

TH Heavy falls 4.17%, a day after Quek ceases to be substantial shareholder

By Supriya Surendran / theedgemarkets.com | April 16, 2015 : 8:25 PM MYT
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KUALA LUMPUR (April 16): TH Heavy Engineering Bhd (THHE) ([You must be registered and logged in to see this image.] Financial Dashboard) which is involved in the fabrication of offshore oil and gas (O&G) facilities, saw its share price fall 1.5 sen or 4.17% today to 34.5 sen, with about 16.3 million shares traded, a day after banking tycoon Tan Sri Quek Leng Chan ceased to be a substantial shareholder in the company.
According to a Bursa filing yesterday (April 15), Quek had disposed of some 38.86 million shares or 3.47% of THHE (fundamental: 0.35; valuation:0.3) via his indirect stake in Guoline Capital Ltd, Guoline Capital Assets Ltd, Hong Leong Company (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) and HL Holdings Sdn Bhd.
Quek, who is rumoured to have an interest in the oil and gas industry, chairs privately-held conglomerate Hong Leong Co (M) Bhd, which is involved in the finance, property and food sectors. Guoline is a subsidiary of the group.
Quek first emerged as a substantial shareholder in THHE in May 2013, with 92.8 million shares in the company.
With the disposal yesterday, he should still hold about 53.94 million shares or about 4.81% indirect stake in THHE.
He also has an indirect 6.49% stake in marine offshore service provider Alam Maritim Resources Bhd ([You must be registered and logged in to see this image.] Financial Dashboard), through his vehicle Associated Land Sdn Bhd, after emerging as a substantial shareholder in Alam Maritim last year.
His associate Paul Poh also holds a 7.86% stake in Alam Maritim (fundamental:1.6; valuation: 1.1), through his vehicle Caprice Capital International Ltd.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)[/size]