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7 stories mentioning KLSE:ALAMUpdated 3d ago

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Asia

Alam Maritim's CEO Steps Down Temporarily After Court Finds Him Guilty of Cheating

Alam Maritim Resources' (KLSE:ALAM) group managing director and chief executive officer, Datuk Azmi bin Ahmad, has voluntarily taken temporary garden leave from his executive and management duties at the company with effect from Thursday, according to a same-day filing to the Malaysian stock exchange.The move comes after he was charged with two alleged offences of cheating by the Sessions Court in Kuala Lumpur, Malaysia, on Thursday. Datuk Azmi bin Ahmad pleaded not guilty to both charges and claimed trial.He remains a director of the company, and the group's business is expected to continue as usual

KLSE:ALAM
Asia

Alam Maritim Resources to Acquire Offshore Support Vessel for $20 Million

Alam Maritim Resources (KLSE:ALAM) plans to acquire a newly built offshore support vessel from Singapore-based POET Shipbuilding & Engineering for $19.8 million, according to a Tuesday Bursa Malaysia filing.The offshore oil and gas support services provider's subsidiary, Alam Maritim (M), will buy the 65-meter vessel through internally generated funds and bank borrowings.Following the acquisition, the company's fleet will expand to five OSVs and strengthen its subsea segments.The vessel will take around 24 months to build, with completion of the acquisition slated for October 2028.

KLSE:ALAM
Asia

Malaysian Shares Extend Losses Bucking Regional Gains; Alam Maritim Resources Drops 12%

Malaysian shares ended in the red again on Monday, bucking an upbeat regional performance. The investor sentiment was downbeat despite slower-than-expected inflation in July.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 1.50 points to end 0.1% lower at 1,725.89.In economic news, Malaysia's headline consumer price index (CPI) rose 1.8% year over year in July, according to data from the Department of Statistics Malaysia. The reading compared with the 1.9% expansion recorded in June, missing the Trading Economics forecast of 2.1%. It also marked the softest print in four months.In corporate news, shares of Alam Maritim Resources (KLSE:ALAM) slumped about 12% on close today after its group managing director and group chief executive officer Azmi Ahmad was remanded to facilitate an ongoing investigation by the Malaysian Anti-Corruption Commission (MACC).United Asiapac Energy (KLSE:UNIPAC) postponed its planned ACE Market listing to Sept. 14, from the original Aug. 19 date, to allow for the updated disclosure. The Malaysian upstream oil and gas services company plans to issue up to 139.2 million new shares as part of its IPO and listing on the ACE Market of Bursa Malaysia Securities.

FTSE Bursa Malaysia KLCIKLSE:ALAMKLSE:UNIPAC
Asia

Alam Maritim Resources Says Group CEO Under MACC Remand

Alam Maritim Resources (KLSE:ALAM) said its group managing director and group chief executive officer Azmi Ahmad is under remand to facilitate an ongoing investigation by the Malaysian Anti-Corruption Commission (MACC).The company said the remand does not mean any wrongdoing has been established, according to a Monday Malaysian bourse filing.Alam Maritim Resources said that it has taken steps to ensure operations continue smoothly.Shares of the oil and gas services company were down nearly 2% in afternoon trade.

KLSE:ALAM
Asia

Alam Maritim Resources Arm Acquires Remotely Operated Vehicle for $3.2 Million

Subsea Worldwide Solutions, a subsidiary of Alam Maritim Resources (KLSE:ALAM), has acquired a remotely operated vehicle (ROV) from Deepinfar Ocean Technology for $3.2 million, according to a Wednesday filing to Bursa Malaysia.The company's shares were up nearly 2% in Thursday's trade.An ROV is an unmanned underwater robot controlled by operators at the surface, commonly used in offshore oil and gas, marine research, and underwater inspections.The acquisition is aimed at strengthening the company's business of providing sub-sea engineering services, operating ROVs and providing saturation diving services, which is a key part of the group's finances.

KLSE:ALAM
Asia

Malaysian Shares Mirror Regional Losses Amid Middle East Escalations; Alam Maritim Resources Slumps 12%

Malaysian shares erased Friday's gains to end in the red on Monday, in line with regional losses. The investor sentiment was downbeat following recent unrest in the Middle East.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 13.9 points to end 0.8% lower at 1,679.52. The day range was between 1,676.95 and 1,684.14.In corporate news, Liftech (KLSE:LIFTECH) is seeking to raise 23 million ringgit via an IPO on the ACE Market of Bursa Malaysia. The industrial lifting and handling equipment manufacturer's IPO entails a public issue of 79.2 million new shares at 0.29 ringgit each, and an offer for sale of 15.8 million shares.Shares of Alam Maritim Resources (KLSE:ALAM) fell about 12% on close after it received approval from Bursa Malaysia to be removed early from its Practice Note 17 (PN17) classification on June 8, following its regularization plan submissionShares of Malaysian conglomerate Keck Seng (Malaysia) (KLSE:KSENG) gained about 2% on Monday's close after it reported its May production figures, including fresh fruit bunches of 5,611.48 metric tonnes. Meanwhile, palm oil output stood at 4,258.76 metric tonnes, while palm kernel totaled 1,267.75 metric tonnes,

FTSE Bursa Malaysia KLCIKLSE:ALAMKLSE:KSENGKLSE:LIFTECH
Asia

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

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.

KLSE:ALAM

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