THHE rises 36.36% in early trade on hopes of PN17 exit

PETALING JAYA: TH Heavy Engineering Bhd (THHE) saw its share price rise as much as 36.36% to 7.5 sen this morning upon stating its expectation of exiting the Practice Note 17 (PN17) category by early next year.
At 10.47am, the stock was trading at 7 sen with 33.28 million shares traded, being the fourth most active counter.
The group told reporters at its AGM yesterday that it is looking to exit its PN17 status by early next year and return to the black this year with its offshore patrol vessels (OPV) contract.
The group's 49% associate company THHE Destini Sdn Bhd (TDSB), a joint venture with Destini Bhd, was awarded the job on Jan 18, 2017 to construct three units of OPV for the Malaysian Maritime Enforcement Agency (MMEA).
Under the OPV contract, TDSB is to undertake the supply, delivery, testing and commissioning of the three OPVs complete with fittings and accessories for a contract value of RM738.9 million, representing its current order book.