ID :
189187
Fri, 06/17/2011 - 10:07
Auther :
Shortlink :
https://oananews.org//node/189187
The shortlink copeid
APH IDENTIFIES INVESTORS TO FINANCE ASIA PETROLEUM HUB PROJECT
KUALA LUMPUR, June 17 (Bernama) -- Muhibbah Engineering (M) Bhd announced Friday that Asia Petroleum Hub Sdn Bhd (APH) has identified an investor and was in negotiations to fully finance the completion of the project.
This includes making due payments to contractors, said Muhibbah Engineering which is one of the contractors for the procurement, construction and commissioning of a Petroleum Hub and Bunkering Facility project undertaken by APH at the reclaimed island Off Tanjung Bin, in southern state of Johor.
The receivables for certified work done and related costs amount to RM370.8 million, as at 31 Dec 2010, the company said in a filing to Bursa Malaysia Friday. (US$1=RM3.04)
"As this is an oil and gas project with a secured business and the said investor is due to finalise its financing transaction with APH, there are reasonable grounds to hold that the receivables are recoverable in due course," Muhibbah added.
Muhibbah Engineering shares closed 38 sen lower at RM1.52 on Thursday after the financier of its client, APH, sought to put the latter into receivership.
This includes making due payments to contractors, said Muhibbah Engineering which is one of the contractors for the procurement, construction and commissioning of a Petroleum Hub and Bunkering Facility project undertaken by APH at the reclaimed island Off Tanjung Bin, in southern state of Johor.
The receivables for certified work done and related costs amount to RM370.8 million, as at 31 Dec 2010, the company said in a filing to Bursa Malaysia Friday. (US$1=RM3.04)
"As this is an oil and gas project with a secured business and the said investor is due to finalise its financing transaction with APH, there are reasonable grounds to hold that the receivables are recoverable in due course," Muhibbah added.
Muhibbah Engineering shares closed 38 sen lower at RM1.52 on Thursday after the financier of its client, APH, sought to put the latter into receivership.
