The curious case of TH Heavy Engineering

[superadmin]

PETALING JAYA: Many questions are left unanswered as oil and gas company TH Heavy Engineering (THHE) continues to remain in troubled waters for the fourth year in a row.

THHE has remained a public listed company despite being declared a Practice Note 17 (PN17) company since April 2017 after an audit opinion.

Its liabilities had exceeded its assets by RM925 million by the end of that year.

To move beyond its PN17 status, THHE must secure a clean audit opinion for the year and register two consecutive quarters of profit, along with the submission of a regularisation plan to Bursa Malaysia within 12 months.

However, Bursa has since granted a dozen extensions for THHE to submit its regularisation plan, with the latest set to expire on Oct 22.


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