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Highlight MISC denies in talks to acquire TH Heavy Engineering
by Cals Wed 04 May 2016, 21:39
- Highlight
[size=28]MISC denies in talks to acquire TH Heavy Engineering
By Sangeetha Amarthalingam / theedgemarkets.com | May 4, 2016 : 2:42 PM MYTKUALA LUMPUR (May 4): MISC Bhd has denied any involvement in ongoing talks with TH Heavy Engineering Bhd regarding its acquisition as reported by Singapore-based Business Times publication yesterday.
“MISC wishes to state that the company is not involved in any ongoing discussions with TH Heavy Engineering Berhad (THHE) to acquire its floating production and fabrication businesses,” MISC told Bursa Malaysia in a filing today.
According to Business Times in its article entitled ‘Malaysia’s MISC in Talks to Acquire TH Heavy Engineering’, the paper said it understood talks have been ongoing for MISC to acquire the floating production and fabrication businesses of the THHE, claiming it to be a troubled Malaysian offshore marine contractor.
“A decision on the pitched acquisition is expected within weeks if not days, although there are indications the parties involved could not agree on the sale and purchase price of THHE's assets on hand,” Business Times added.
The article was translated and carried by Nanyang Siang Pau today, MISC pointed out.
At 12.30pm, MISC rose one sen or 0.12% to settle at RM8.36 with 1.9 million shares done for a market capitalisation of RM37.3 billion.
At the same time, THHE dipped half sen or 3.7% to 13 sen with 102,000 shares exchanging hands, valuing it at RM145.7 million.
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