KUALA LUMPUR: MUHIBBAH ENGINEERING (M) BHD [] shares extended their gains upon resuming trade at 11.39am on Friday, June 17 following a one hour trading halt.
Muhibbah rose 11 sen to RM1.63 at 11.45 am with 15.46 million shares done after it said there were reasonable grounds to hold that the receivables from Asia Petroleum Hub were recoverable in due course.
In a filing Friday, June 17, Muhibbah said that according to APH, it had identified an investor and was in negotiations with the investor to fully finance the completion of the APH hub project, including making due payments to contractors.
Muhibbah is one of the contractors for a petroleum hub and bunkering facility at the reclaimed island of Tanjung Bin, and its receivables for certified work done and related costs amount to RM 370.8 million as at Dec 31, 2010.
Muhibbah's share price tumbled yesterday after the Singapore Business Times reported on June 15 that CIMB (the financier of APH project) had appointed receivers and managers for APH.
'As this is a oil and gas project with a secured business and the said investor due to finalise its financing transaction with APH, there are reasonable grounds to hold that the receivables are recoverable in due course,' Muhibbah said.
Muhibbah rose 11 sen to RM1.63 at 11.45 am with 15.46 million shares done after it said there were reasonable grounds to hold that the receivables from Asia Petroleum Hub were recoverable in due course.
In a filing Friday, June 17, Muhibbah said that according to APH, it had identified an investor and was in negotiations with the investor to fully finance the completion of the APH hub project, including making due payments to contractors.
Muhibbah is one of the contractors for a petroleum hub and bunkering facility at the reclaimed island of Tanjung Bin, and its receivables for certified work done and related costs amount to RM 370.8 million as at Dec 31, 2010.
Muhibbah's share price tumbled yesterday after the Singapore Business Times reported on June 15 that CIMB (the financier of APH project) had appointed receivers and managers for APH.
'As this is a oil and gas project with a secured business and the said investor due to finalise its financing transaction with APH, there are reasonable grounds to hold that the receivables are recoverable in due course,' Muhibbah said.
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