KUALA LUMPUR: Muhibbah Engineering Bhd's share price was slightly lower in active trade on Wednesday, June 22 as investors stayed cautious as they awaited news about the latest development involving the Asian petroleum hub project.
At 3.04pm, the share price was down three sen to RM1.39. There were 5.22 million shares transacted at prices ranging from RM1.38 to RM1.46.
The company had on Friday, June 17 announced that it was one of the contractors for the petroleum hub and bunkering facility off Tanjung Bin, Johor.
Muhibbah confirmed the receivables for certified work done and related costs amounted to RM370.80 million as at Dec 31, 2010. It added that CIMB, which was the financier of the project, had identified as an investor to complete the project and pay the contractors.
The company had then said as a oil and gas project with a secured business and the investor due to finalise its financing transaction with APH, 'there are reasonable grounds to hold that the receivables are recoverable in due course'.
At 3.04pm, the share price was down three sen to RM1.39. There were 5.22 million shares transacted at prices ranging from RM1.38 to RM1.46.
The company had on Friday, June 17 announced that it was one of the contractors for the petroleum hub and bunkering facility off Tanjung Bin, Johor.
Muhibbah confirmed the receivables for certified work done and related costs amounted to RM370.80 million as at Dec 31, 2010. It added that CIMB, which was the financier of the project, had identified as an investor to complete the project and pay the contractors.
The company had then said as a oil and gas project with a secured business and the investor due to finalise its financing transaction with APH, 'there are reasonable grounds to hold that the receivables are recoverable in due course'.
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