Alam Maritim shares rise 11% after contract win

  • Business
  • Wednesday, 27 Jun 2018

KUALA LUMPUR: Shares in ALAM MARITIM RESOURCES BHD were boosted in early trade on Wednesday on news of it securing oil and gas contracts worth RM226mil.

Shares in Alam Maritim were trading up 11.54%, or 1.5 sen to 14.5 sen. It is one of the most actively traded counter with 6.3 million shares done.

Alam Maritim has secured several contracts related to providing offshore support vessels services in Malaysia and Middle East, worth a total of RM226.08mil.

Alam Maritim said the contracts were awarded to Alam Maritim’s two subsidiaries: Alam Maritim (M) Sdn Bhd and Alam Maritim (L) Inc, which is valid for the next six months to three years.

“Some of the contracts have an extension option of one to two years exercisable by the awarders,” Alam Maritim said.

The group expects the contracts to contribute positively to its earnings and net tangible assets for the financial year ending Dec 31 and beyond.

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