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FINWIRES

Alam Maritim Resources Exits Financial Distress Classification Early; Shares Drop 6%

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Alam Maritim Resources (KLSE:ALAM) received approval from Bursa Malaysia to be removed early from its Practice Note 17 (PN17) classification on June 8, following its regularization plan submission, according to a Friday Malaysian bourse filing.

Shares slumped about 6% in Monday's midday trade.

PN17 or Practice Note 17/2005 is a status issued by the Malaysian bourse to companies under some financial distress.

The company had earlier applied for upliftment in May, and the regulator has now approved the request under the listing requirements.

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