Quick take: Alam Maritim active, up 30% in early trade

  • Business
  • Tuesday, 02 Apr 2019

KUALA LUMPUR: Shares in ALAM MARITIM RESOURCES BHD attracted strong trading interest on Tuesday after the company secured RM240mil contract.

Alam Maritim, the second most active counter on Bursa Malaysia jumped 30.43%, or 3.5 sen to 15 sen with 28.9 million shares traded. Alam-WA gained 22.22%, or one sen to 5.5 sen with 21 million shares done.

Alam Maritim has secured a US$59 million (RM240mil) contract for the procurement, construction and installation of a pipeline system.

The contract is for the Tembikai Non Associated Gas (TNAG) development by Vestigo Petroleum Sdn Bhd, a wholly-owned subsidiary of Petronas Carigali Sdn Bhd.

The TNAG pipeline system will be installed from the new TNAG unmanned wellhead platform via a 60 km, 12” pipeline and fibre optic control cable.

The duration of the contract is from March 5, 2019 until completion of the work, which is targeted for completion in Q4’2019.

“The contract is expected to contribute positively to the earnings and net tangible assets of the company for the financial year ending Dec 31, 2019,” Alam Maritim said.

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