KUALA LUMPUR (March 13): PN17 company TH Heavy Engineering Bhd (THHE) has signed a non-binding memorandum of understanding (MOU) with ICE Petroleum Ventures Sdn Bhd in relation to the acquisition of its engineering unit ICE Petroleum Engineering Sdn Bhd (ICE).
THHE said the proposed acquisition is part of its regularisation plan to revive its financial health in order to maintain its listing status on the Main Market of Bursa Malaysia.
The details of the regularisation plan will be announced and submitted to the regulatory authorities for their approval, the company said in a filing with Bursa yesterday.
“The MOU allows the parties to negotiate exclusively and outline the salient terms in relation to the share sale agreement,” it said.
As at March 11, the issued share capital of ICE is RM13.85 million comprising 12.85 million ordinary shares.
The directors of ICE are J Abd Jalil Maraicar P M Jahabar, Abdul Rahim Hasim and Mohamed Zam Zalman Tik.
http://www.theedgemarkets.com/article/th-heavy-proposes-acquisition-og-engineering-unit-revive-financial-health
