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Wednesday, August 14, 2013

TH Heavy up on Petronas licence (Star)

TH Heavy Engineering Bhd and its warrants rose on Wednesday noon after its subsidiary had won a mechanical-crane-pedestal manufacturer licence from Petronas.

At 12.30pm, its shares rose 3.5 sen to 92 sen with 24.57 million shares done between 91.5 sen and 94 sen while its warrants rose three sen to 50 sen with 19.79 units traded between 49.5 sen and 51.5 sen.

The FBM KLCI however slipped 2.31 points to 1,792.78. Turnover was 1.19 billion valued at RM853.53mil. There were 330 gainers, 327 losers while 301 counters were unchanged.

TH Heavy said on Tuesday the national oil company had extended the scope of the licence to its unit O&G Works Sdn Bhd.

"The standardised work and equipment code (SWEC) applied is mechanical-crane-pedestal," it said.

TH Heavy said O&G Works would be able to tender and take part in projects especially offshore pedestal cranes of various types and lifting capacities.

"The participation as manufacturer of offshore pedestal cranes is expected to have a positive contribution to the earnings and net assets of OG Works and the TH Heavy group for the current and future financial years," it said

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