Bumi Armada's rally hits speed bump

The company said the agreement, signed between its unit Armada Balnaves Pte Ltd (ABPL) and Apache Energy Ltd in September 2011, was to provide and charter a floating production, storage and offloading (FPSO) vessel for an initial fixed-term charter of four years, expiring in August 2018. (File picture shows one of the vessels owned by Bymi Armada)

KUALA LUMPUR: Bumi Armada Bhd's share price, which had risen in active trade in recent days, saw it hitting a speed bump after Indian tycoon Shapoorji Pallonji Mistry resigned from the board.

Since Feb 17, the share price had risen from 67 sen to a high of 79 sen on Wednesday.