Malaysia's TH Group stock halted on Bursa

Shares of Malaysian plantation firm TH Group were suspended from trade pending an announcement, the company said on Thursday.

TH Group's major shareholder, Tung Hup Holdings is proposing a what it said was a a "major corporate exercise", the company said in a filing with stock exchange Bursa Malaysia. It did not provide any more details.

Tung Hup owns 18.4 percent of TH Group, Reuters data showed.

TH Group shares were up 16 percent at 0.575 ringgit prior to the announcement.