THHE: No default on extended sukuk

PETALING JAYA: TH Heavy Engineering Bhd (THHE) yesterday reiterated that it had not defaulted on its sukuk Murabahah of up to RM170 million, for which it had extended the maturity date.

The company said it had managed to secure the approval of its sukuk holders for the one-year extension prior to the sukuk maturing, despite only making an announcement to the effect almost a week after it was due.

THHE told Bursa Malaysia in response to a news report that the proceeds from the sukuk were used to partly refinance the term financing for the acquisition of the FPSO Layang vessel.

Yesterday, THHE’s 70%-owned subsidiary ,THHE Offshore Sdn Bhd, received yet another winding-up petition with a claim for RM2.52 million. The loss-making group has received over 10 winding-up petitions since July this year with claims amounting to over RM45 million.

As at June 30, 2016, THHE’s loss widened to RM40.29 million on an almost 67% drop in revenue of RM22.24 million compared with the corresponding period in the year before.