Alam Maritim to expand fleet with listing proceeds

KUALA LUMPUR: Main board candidate Alam Maritim Resources Bhd (AMRB), involved in providing offshore support vessels and services, plans to expand its fleet with proceeds from its listing exercise. 

Managing director Azmi Ahmad said the company hoped to raise about RM48mil from its initial public offering (IPO) and use the proceeds to acquire new vessels and repay bank borrowings as well as for working capital and listing expenses. 

“We are planning to expand our fleet by four vessels within the next two years,” he said after the launch of the company's prospectus yesterday. 

Azmi Ahmad

Besides offshore support vessels and services, AMRB is involved in offshore facilities construction and installation, and underwater services.  

AMRB is due to take delivery of another vessel next month, expanding its fleet to 16. 

Azmi said AMRB had expanded its operations to the Middle East and Indonesia and these markets were contributing around 15% to the company's revenue. 

“We are looking to expand to Vietnam, Brunei and South Africa and we expect the overseas market to contribute around 20% to 25% to the company's revenue next year. 

For its financial year ended Dec 31, 2005, AMRB recorded revenue of RM137.738mil and pre-tax profit of RM29.44mil. 

The company expects to achieve RM179.45mil in revenue and RM41.65mil in pre-tax profit this year. 

AMRB is issuing 29,219,200 new 50 sen shares at an issue price of RM1.65 each in conjunction with its IPO. – Bernama 

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