FINWIRES · TerminalLIVE
FINWIRES

Bumi Armada to Wind Up Dormant Unit; Shares Drop 3%

By

Bumi Armada (KLSE:ARMADA) to voluntarily dissolve its unit, Bumi Armada (Labuan), as part of the group's streamlining exercise, according to a Monday Malaysian bourse filing.

Shares slid about 3% in Tuesday's midday trade.

Bumi Armada (Labuan), which ceased operations in 2024 and has remained dormant since then, will be liquidated under the Labuan Companies Act.

Upon completion of the winding-up, Bumi Armada expects to realise a non-cash foreign exchange reserve gain of about 23 million ringgit in its profit or loss for the financial year ending Dec. 31.

The group said the exercise is not expected to have any material operational impact on the company.

Related Articles

Asia

Market Chatter: Titan Expects Short-Term Slowdown if Indian Government Curbs Gold Buying

Indian jewelry major Titan (NSE:TITAN, BOM:500114) expects a temporary demand slump if the government proceeds with any policies to rein in gold buying, Bloomberg News reported Tuesday, citing the company's finance chief.The firm expressed optimism that domestic consumption will remain resilient over time and expects no supply disruption for as long as four months, Titan Chief Financial Officer Ashok Sonthalia reportedly said in a Bloomberg interview.Indian Prime Minister Narendra Modi called on citizens to avoid purchasing gold for a year to protect foreign exchange reserves, according to the report.Titan's shares were down over 2% in recent trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$BOM:500114$NSE:TITAN
Asia

Yunnan Energy Investment Secures Development Rights for Four Yunnan Wind Power Project

Yunnan Energy Investment (SHE:002053) won development rights for four wind farm projects in China's Yunnan province with a combined expected installed capacity of 219.8 megawatts.Construction for each project will take 10 months.

$SHE:002053
Asia

Market Chatter: Indonesia Set to Receive First Russian Crude Shipments Under 150 Million Ton Deal

Indonesia expects to begin receiving Russian crude oil within the next one to two weeks as part of a 150 million ton supply deal, Jakarta Globe reported Tuesday, citing Energy and Mineral Resources Minister Bahlil Lahadalia.The agreement, which was signed after Indonesian President Prabowo Subianto's visit to Russia last month, runs through 2026. The purchase contract has reportedly already been signed, with both sides now finalizing technical arrangements for delivery schedules.Indonesia is weighing two import structures, including direct purchases via state energy firm Pertamina or a more flexible public service agency mechanism. The plan is part of efforts to strengthen energy security and diversify crude supply amid volatile global markets, the news outlet said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$^JKSE