THHE Clarifies Auditor's Disclaimer Of Opinion

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KUALA LUMPUR, May 4 (Bernama) -- TH Heavy Engineering Bhd (THHE) today clarified media reports purportedly claiming that its auditor, Messrs Deloitte PLT's disclaimer of opinion on its audited financial statements for the year ended Dec 31 2017 (FY17) had questioned the ability of the company to continue as a going concern.

THHE Chief Executive Officer Suhaimi Badrul Jamil said: "It was true that the accounts were prepared based on the assumption that the group would be able to realise its assets and meet its liabilities as a going concern.

"However, it must be reiterated that two key components of THHE's proposed regularisation plan, which are the Schemes of Arrangement (SoA) and Proposed JX Nippon Contract Novation (proposed novation) to Yinson Energy Sdn Bhd (YESB), are expected to be implemented in the near future," he said.

THHE and its three subsidiaries, namely THHE Fabricators Sdn Bhd (THFSB), THHE Offshore Services Sdn Bhd and O&G Works Sdn.Bhd (OGW) during the year had each formulated an SoA with their respective scheme creditors, he said in a statement.

THHE slipped into a Practice Note 17 (PN17) status on April 28, 2017, and is currently formulating a proposed regularisation plan to exit the category.....

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Source : http://www.bernama.com/en/business/news.php?id=1461173

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