Won RM2.7billion worth FPSO project last last + abt RM90 million Bkt batok petronas project,

Need fund via RI.
http://www.thestar.com.my/Business/Business-News/2015/05/06/TH-Heavy-to-use-about-RM152m-from-rights-issue-for-FPSO/?style=biz

Tabung Haji stated willing to buy all remaining unsubscribe RI.

Price still weak, not supported above RI offer price 0.25 after Greece issues and WSJ news out.

Kuttyravi: http://www.thestar.com.my/Business/Business-News/2015/05/28/TH-Heavy-bids-for-RAPID-project-in-Pengerang/?style=biz

Recently 10/6/15 Omedia also have proposed renouceable RI offer price at 0.10 at 4: 2 with free 3 warrants. Price up from 0.15 till 0.315 even when KLCI drop its price still going up.. http://klse.i3investor.com/servlets/stk/chart/0018.jsp
http://www.bursamalaysia.com/market/listed-companies/company-announcements/4768993

THHEAVY need strong players/operator to push up price like OMEDIA..

Big players holding back as China stock tumble and waiting for 30 June Greece debt bailout progam outcome..

http://www.cnbc.com/id/

http://www.theguardian.com/business/blog/live/2015/jun/26/greece-crisis-markets-to-open-lower-ahead-of-weekend-talks-live

yongyou: U r welcome.

Total transaction today RM8.37million, AVG price done at 0.2399 with 69% buy.
THHEAVY been on downtrend since 16 April and its already more than 2 month till today only theres +ve sign of rebound.

Previous uptrend rally was in early Feb this year, price went up from low price 0.29 in Jan till 0.39 and later when theres new RI announcement price go up further till 0.455 in Feb.

With strong +ve buy vol today, 0.29+/- seems might be the next target price before OR play for the big players.

THHEAVY Transaction closing to RM8million soon but still cant compare with KNM RM84million+.
Both now r top gainer % highest vol transaction..

THHEAVY big players still collecting shares from seller below 0.25 at the same time attract more buyer and seller.

Buyer queue increased... good chance will break above 0.25 soon.

RI1:1 direct with renounceable OR... its straight forward dual stage play for profits and increase +ve value of THHEAVY shares unlike those with 5:2 with warrants throw in.. but still the price before OR trade and ex-RI still depends on the BIg players direction.. they control the ultimate price..

Those who want to enter THHEAVY.. pls decide ownselves.

From 0.225 can jump till 0.25...up 5X confirm some big players enter dy...
They just play flush weak players n accumulation earlier... after get enough shares will push up to increase their share value.

supernova: If u want to buy OR, THHEAVY share price must be higher than the RI offer price 0.25.
Eg,, THHEAVY at 0.28.. u buy the THHEAVY-OR at 0.02 + RI 0.25 to have +ve value..

As per previous approve proposal, no free attach warrant, only 1:1 ICPS shares..
Price should be higher than 0.25 to attract buyer buy the OR and subscribe RI..
If difference by few 2-3cents.. not so attractive. If difference by 0.15+/- then it will be good.

THHEAVY-OR play coming soon.... the big players have to push above 0.25 to have +ve value for the OR. They have accumulated quite no. of shares earlier cheaper and for RI 1:1.. value above 0.25 also will benefit them.. so price must move up.

Start to RISE....

Jan till Feb 2015... the vol transaction is about 30X more daily...need big players to join in then only can see some +ve uptrend.

Last year 12mth TP RM1.25 with RM2.7 billion FPSO contracts..
http://www.bursamarketplace.com/index.php?ch=25&pg=90&ac=1454&bb=research_article_pdf

but now only RM0.23... price really low.

Need some +ve newsplay and big players support to make THHEAVY alive and kicking again.
http://infrastructure21.com/industry-news/4265-mmhe-skpetro-th-heavy-eye-petronas-field-projects/

If the big players from KNM come to THHEAVY... things will chg much faster.. RM50million transaction 1st half trading. A lot big players support.

THHEAVY price currently quite bottom price, been oversold for quite some time waiting for rebound.

With high vol transaction yesterday and today, possible to attract more players to join in the buying strength. 0.23 buyer queue increased.... more buyer support coming.

High vol transaction at 0.23, abt RM 2.5million so far.

From the selling price queue, the player still want to block the price to get more seller sell their shares to them at 0.23/0.225. Once have enough shares in hand maybe price will move up.

Still waiting for announcement date for THHEAVY-OR play provided price must be higher than RI offer price 0.25.

Theres some buying/selling vol at 0.23 but seller queue alwys high to block price from moving up.

Buy support queue high but not much buying strength yet.

Today VOL increase, high transaction abt RM4million but still at pre-closing have seller want to throw price lower the buying queue price. Really ODD contra play.

Big vol transaction cleared 0.23 just now. Next is 0.235 ..

THHEAVY-OR play 1st before RI but since market price is below RI offer price.. its not exciting unless there a sudden strong rebound above RI price.

They want 2 make it cheap so their own players can buy it cheap...
but its been dragging too long.

Last year propose RI in OCt and warrant expiry Dec drag price down a lot.. this year RI approved still drag price even lower.

Big players game... they control the price movement.
Rebound still waiting for the big players to push.

The big players want to rinse till clean and they take own sweet time do it slowly before OR RI play... unlike IFCAMSC.. can pump in RM40-50million daily and swing down and up fast...

THHEAVY reminds me of KNM recent play also.. KNM was on downtrend for months and suddenly spike up today... damn.

Price seems being surpressed down and theres block at 0.235/0.24.
No sign of push yet to attract public or minority shareholders to subscribe for the RI offer at 0.25.
More like the big shareholders just want back all the shares and RI for themselves.

Still lacklustre play..

Current pending is THheavy-OR & RI date announcement.

If want ppl to subscribe, they hv to push up the price .... if dun push up the price, the major sh'holder hv to buy the RI left over .... then, they hv to push up the price to release their holding, other wise they will be stuck spending money and holding more stocks.

Oversold and cheaper than RI offer price.
Support currently at 0.22 & - 0.23... still lack of exciting play for the RI.
Big shareholder & players just holding and wait for the next wave..

kuttyravi: No news on delisting. Currently THHEAVY still have one major FPSO contract until Nov. 17, 2023, with JX Nippon given an option to extend the lease for one year up to a maximum period of 10 years from Nov. 18, 2023.

THHE wins first FPSO contract in RM2.9bil deal — 16 May 2014

http://pertama.freeforums.net/thread/970/thheavy-7206#ixzz3dJjtko16

http://www.rigzone.com/news/oil_gas/a/133136/TH_Heavy_Engineering_Bags_372M_Deal_for_Layang_Project_Off_Sarawak

RI fund plan

http://www.seatrade-maritime.com/news/asia/th-heavy-engineering-to-use-half-of-rights-issue-to-fund-fpso-conversion.html

kuttyravi: Seems like those contra kakis/small retailers that enter last week Thurs& Friday exiting coz not willing to pickup shares. RI approved as per recent EGM announcement but haven't announce yet the date for renounceable RI trading and ex-date for RI.

pirate99: Nice to see u2. Current THHEAVY play vol very low.... not much exciting yet.

Yes... big player game. Surprisingly with RI otw... they dont seems want small shareholders to subscribe for the RI base on current market share price..

Not sure whether they really need fund from shareholders or market retailers because if they buy back all the renounceable rights, basically they are using their own money and increase their shareholding higher % only.

As though buying others renounceable RI at 0.25 is not enough, accumulate/buy other exiting shareholders share below RI price. Seems like the big shareholders want the share price low for accumulation by themselves currently.

Mat Cendana: Need some big players or white knight to boost the stock. Currently only TH willing or have the financial to subscribe the RI... but share price is below RI makes no sense to subscribe.

kuttyravi: Small retailer selling in low vol and lack of buyers support... price down low n lower.
Current price is lower than RI offered price 25sen, makes it not attractive to subscribe for RI..coz buy direct is cheaper then paying more for RI.

Previous EGM RI was approved... not sure there will be any new changes or new announcement.

No announcement out yet for exact date. If follow approved proposal.. its planned for middle of June for renounceable rights trading and end of month only RI.

Thheavy need money, TH have money.
Big shareholders accumulate more THHEAVY shares and RI at 25 sen..
Accumulation & subscribe for RI needs money also.
Later still have to push up price so their shares have better value.
Just don't know when the timing yet..

Current price is even lower than Ramunia price 39 sen before exit PN17
http://malaysiastockpicks.blogspot.com/2012/05/ramunia-holdings-pn-17-expects-to.html

Tabung haji will own higher % shareholdings if it subscribes and take the remaining RI.

http://www.themalaysianinsider.com/malaysia/article/pkr-reveals-more-losses-for-tabung-haji-in-deal-with-oil-and-gas-company

Last THHEAVY RI was on 2012.. http://www.klse.my/entitlement/111269.jsp
Renounceable rights issue of up to 360,069,158 ordinary shares of RM0.25 each in THHE (“Rights Share(s)”) at an issue price of RM0.40 per Rights Share on the basis of two (2) Rights Shares for every five (5) existing ordinary shares of RM0.25

Price before ex also 0.40 and after ex-RI price only start to move up til 0.62.

==========================================================

Current price tanking waiting for directions. 1:1 suppose to be better than 2:5 but need big shareholder and big buyer push support.

Ya... AAX drop a lot yesterday...my friend bought also stuck.
THHEAVY RI also bad response... seems like Tabung Haji and the big shareholders have to absorb renounceable rights.

Some buying vol this morning at 0.245.
Annoucement for renounceable rights trading might out soon.

Very low vol..

No announcement date yet when they going to allow the trade of renounceable rights for existing shareholders. If follow proposal timeframe should be by middle of June.
Price just howering around 0.24-0.25..

In proposal, Tabung haji able to take up their rights issues and also have enough fund to take remaining ICPS. Theres some buying today at 0.25 & 0.255.
Need stronger buyer to move price further than right issue offer price at 0.25 so it will be attractive for shareholder and other investor to subscribe.. if just depend all on Tabung haji .. better do MGO take over direct.

Early June as per the proposal timeline.

Those who buy the renounceable rights need to pay 25 sen to be entitle the ICPS shares..if based on proposal. For more info, better call registrar or consult with broker/remiser.

It will be based on the last trading price difference on closing day before the commencement of trading of rights entitlements in Mid June 2015.

If big players want to push the price up to get more investor to buy THHEAVY shares or subscribe for the rights, it will moves up. All dpds on the big player movement.

======================

From the proposal, LTH have confirm has sufficient fund to subscribe its entitlement and as well subscribe remaining ICPS

Notes:
(1) Based on 1,121,077,190 Shares in issue as at the LPD.
(2) Based on 1,100,000,000 ICPS-i to be issued under the Minimum Scenario.
(3) Based on 1,195,815,669 ICPS-i available for subscription under the Maximum Scenario.
(4) Under the Maximum Scenario, all our Entitled Shareholders are assumed to subscribe for their
respective entitlements in full and as such, LTH is not required to subscribe for any ICPS-i
pursuant to its Additional Undertaking.

Accordingly, LTH has confirmed and HLIB has verified, to the extent possible, that LTH has
sufficient financial resources to subscribe for its entitlement of up to 356,439,580 ICPS-i as
well as to subscribe for up to 743,560,420 ICPS-i pursuant to the Undertaking and Additional
Undertaking, respectively.

In the event the Minimum Subscription Level is not achieved whereby the proceeds raised
from the Proposed Rights Issue of ICPS-i falls below the minimum proceeds required, our
Company will not continue with the implementation of the Proposed Rights Issue of ICPS-i. All
monies received will be returned immediately, without interest, to our Entitled Shareholders
and/or their renouncee(s) who have submitted their applications for the subscription of the
ICPS-i.

http://www.thestar.com.my/Business/Business-News/2015/05/28/TH-Heavy-bids-for-RAPID-project-in-Pengerang/?style=biz

Thursday, 28 May 2015

KUALA LUMPUR: Oil and gas services provider TH Heavy Engineering Bhd (TH Heavy) is bidding for jobs in the Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Johor.

It said on Thursday it had submitted bids and it had also taken part in the pre-qualification exercise mainly related to steel fabrication and piping works.

TH Heavy CEO Datuk Nor Badli Munawir said the company’d main challenge was to keep its yard in Pulau Indah running.

"The utilisation rate at our yard is about 10% curently and we are diversifying our businesses such as into onshore fabricartion projects as well into the renewable energy sector," he told reporters after the company's AGM and EGM on Thursday.

Presently, TH Heavy has an orderbook of RM1.5bil where the bulk of it is from its floating production, storage and offloading (FPSO) project.

TH Heavy is also in the midst of converting its first FPSO unit under a long-term charter contract which it had won in May 2014 with Japan’s JX Nippon Oil & Gas.

The contract entails TH Heavy providing its FPSO facility to JX Nippon for the Layang O&G field, located off the coast of Sarawak, where earnings would start to contribute in the third quarter of 2016.

TH Heavy’s shareholders also approved the company proposed rights issue to raise gross proceeds of up to RM300mil. Bulk of the proceeds would be used for its FPSO conversion.

The main shares have to be pushed up higher so more shareholders have confident to take/buy up the right issues or allow other buyer to buy the renounceable rights sell by shareholders. June will know the date for entitlement and trading date.

http://www.thesundaily.my/news/1434756

PETALING JAYA: Loss making TH Heavy Engineering Bhd, which currently has only one RM1.5 billion contract in hand, sees another challenging year for the company in 2015 given that its Pulau Indah yard utilisation rate has plunged to 10% as a result of the global oil price slump.

"That's very bad, imagine your factory running at 10%, you think you can make money?" its managing director and CEO Datuk Nor Badli Mohd Alias told reporters after the company's AGM here yesterday.

TH Heavy Engineering swung into the red in FY14, with a net loss of RM113.9 million against a net profit of RM1.56 million in FY13, due mainly to lower margins, provisions on disputed claims and higher operating costs to support future projects under bidding.

Nor Badli expressed concern over the cutback in capital expenditure by oil majors and is of the view that the current tough environment will continue.

"In terms of new fabrication contracts, there's very little, a lot of them have been deferred and KIV (keep in review), we foresee that things will continue, but we hope that it's not going to be KIV-ed for too long.

"We're lucky because we've one on-going project, but if there is no new fabrication contract, we've to keep our operation very low until things pick up again," he noted.

However, Nor Badli stressed that the floating production, storage and offloading (FPSO) Layang contract would provide steady income stream to the company, as the RM1.5 billion contract will keep it busy for seven years.

"In the meantime, we're trying to get more FPSO contracts," he said.

TH Heavy Engineering is bidding for contracts worth RM2.1 billion locally and abroad, in places such as Indonesia and Myanmar.

Nor Badli also pointed out that the company undertook a retrenchment exercise last December with a 30% to 40% overhead reduction, bringing down the number of staff to 350 from a peak of 600.

In a bid to create a new income stream, he added that the company is looking to expand into the non-oil and gas segment, such the construction of biofuel plants.

"It's (discussions) on-going now, the client is ready to embark on (the plant) construction," he said, but declined to disclose more details on that.

Besides that, the company is also focusing on downstream activities especially the Refinery and Petrochemicals Integrated Development project at Pengerang. It has submitted bids and participated in prequalification exercise for steel fabrication and piping works as well as onshore engineering, procurement, installation and commissioning projects.

On another note, TH Heavy Engineering received shareholders' approval for a rights issue of up to 1.2 billion new Islamic irredeemable convertible preference shares to raise up to RM300 million at its EGM yesterday.

Part of the proceeds, RM152 million, will be used to part finance the expenditure for the conversion of FPSO Layang, which was awarded by JX Nippon.

The remainder is for the upgrade of its Pulau Indah fabrication yard as well as the investment in tools and machineries, software and the purchase and manufacture of cranes for subsequent rental.

kuttyravi: Its renounceable rights meaning have option to buy up, sell or ignore the right issue offer. Renounceable rights have a value and can be traded. Stockholders that have received renounceable rights have three choices of what to do with the rights. They can act on the rights and buy more shares as per the particulars of the rights issue; they can sell them on the market; or they can pass on taking advantage of their rights.

But until the date at which the new shares can be purchased, shareholders may trade the rights on the market the same way they would trade ordinary shares. The rights issued to a shareholder have a value, thus compensating current shareholders for the future dilution of their existing shares' value.

http://www.investopedia.com/articles/stocks/05/062905.asp

2. Ignore the rights issue
You may not have the $900 to purchase the additional 300 shares at $3 each, so you can always let your rights expire. But this is not normally recommended. If you choose to do nothing, your shareholding will be diluted thanks to the extra shares issued.

3 Sell your rights to other investors
Rights that can be traded are called "renounceable rights", and after they have been traded, the rights are known as "nil-paid rights".

To determine how much you may gain by selling the rights, you need to estimate a value on the nil-paid rights ahead of time. Again, a precise number is difficult, but you can get a rough value by taking the value of ex-rights price and subtracting the rights issue price. So, at the adjusted ex-rights price of $4.92 less $3, your nil-paid rights are worth $1.92 per share. Selling these rights will create a capital gain for you.

================================================================

Main issue here is current market price is around the ex-right issue price at 0.25 thus theres no profit margin to sell off the renounceable rights if unable to pick up.

Have to wait till announcement of the Entitlement Date Early June 2015 and Commencement of trading of rights entitlements Mid June 2015 and see if the share price move up or any announcement to fix price for the trading of rights entitlement.

The proposal was approved.

ESTIMATED TIMEFRAME FOR COMPLETION
Barring any unforeseen circumstances and subject to all required approvals being obtained,
our Board expects the Proposals to be completed by the third quarter of 2015.

Key milestones Tentative timeline
==============================
EGM End May 2015

Announcement of the Entitlement Date Early June 2015

Entitlement Date and issuance of Abridged Prospectus in relation to
the Proposed Rights Issue of ICPS-I Mid June 2015

Commencement of trading of rights entitlements Mid June 2015

Closing date of acceptance of and applications for the ICPS-i End June 2015

Listing of and quotation for the ICPS-i on the Main Market of Bursa Securities Mid July 2015

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4754277


The Board of Directors of TH Heavy Engineering Berhad wishes to announce that all the resolutions tabled at the Eleventh Annual General Meeting of the Company held on 28 May 2015 were duly passed by the shareholders.

This announcement is dated 28 May 2015.