KUALA LUMPUR: Alam Maritim Resources Bhd
has entered into a joint venture agreement with Singapore-based Trident Oceanus Pte Ltd to undertake offshore transportation and installation projects in Southeast Asia and India.
In a filing with Bursa Malaysia, the company said its subsidiary, Subsea Worldwide Solutions Sdn Bhd (SWS), signed the agreement on Nov 13 to establish a joint venture company in Malaysia.
Under the agreement, SWS will hold a 70% stake in the joint venture, while Trident will own the remaining 30%.
The joint venture company will have an initial issued and paid-up share capital of RM10,000, comprising 10,000 ordinary shares.
Alam Maritim said the partnership would combine SWS' expertise in integrated subsea services and offshore operations with Trident's technical and engineering capabilities to pursue and execute transportation and installation projects in the region.
The joint venture is not expected to have any material impact on the group's earnings per share, net assets per share, gearing or share capital for the financial year ending June 30, 2027.
However, the company expects the venture to contribute positively to its future earnings.
