KLSE:ARMADA

3 stories mentioning KLSE:ARMADAUpdated 44d ago

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Bumi Armada Signs Production Sharing Contract for Indonesia Jalu Gas Block; Shares Drop 5%

Bumi Armada (KLSE:ARMADA) signed a production sharing contract with Indonesia's Ministry of Energy and Mineral Resources for the Jalu Working Area in North Sumatra Basin, Indonesia, according to a Wednesday Malaysian bourse filing.Shares dropped over 5% in Thursday's afternoon trade.Under the deal, Armada Jalu B.V. will operate the block with a 100% participating interest, covering about 3,942 square kilometers in the Andaman Sea with water depths of up to 1,250 meters. Indonesian authorities estimate gas resources at around 2.9 trillion cubic feet.The company plans to conduct new 3D seismic studies and integrate existing subsurface data to assess development potential.Bumi Armada said the deal aligns with its strategy to expand its floating production systems portfolio.

KLSE:ARMADA

Asia53d ago

Malaysian Shares Defy Regional Gloom as Unemployment Holds Steady in April

Malaysian shares reversed yesterday's losses on Tuesday as the country's unemployment rate remained unchanged in April. The index bucked broader regional losses as concerns grow over a US-Iran ceasefire.The FTSE Bursa Malaysia KLCI gained 5.25 points to end 0.3% higher at 1,750.56. The day range was between 1,748.45 and 1,755.54.In economic news, Malaysia's unemployment rate stood at 2.9% in March, unchanged from the previous month, according to data released by the country's Department of Statistics. The number of unemployed persons in Malaysia rose 0.4% to 509,000 in March from 506,800 in February.Malaysia is also looking to strengthen its role in the global AI and semiconductor industry by encouraging more chip-related companies to list on Bursa Malaysia, The Star reported Tuesday, citing Deputy Finance Minister Liew Chin Tong.Moreover, Malaysia will continue with its fuel subsidy restructuring, prompted by a surge in spending, even with the possibility of a general election this year, Bloomberg News reported Tuesday, citing a key finance ministry official.In corporate news, EI Power's (KLSE:EIPOWER) initial public offering (IPO) for listing on the ACE Market of Bursa Malaysia was oversubscribed by 30.77 times by the Malaysian public. The company received 21,490 applications for 1.11 billion shares worth 533.7 million ringgit, for the 35 million shares allocated to the public.Bumi Armada (KLSE:ARMADA) decided to voluntarily dissolve its unit, Bumi Armada (Labuan), as part of the group's streamlining exercise. Shares ended flat on Tuesday.

FTSE Bursa Malaysia KLCIKLSE:ARMADAKLSE:EIPOWER

Asia53d ago

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

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.

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