Alam Maritim disposes of vessel to Mumbai firm

PETALING JAYA: Alam Maritim Resources Bhd has completed the sale of its vessel to an India-based firm for US$1.8mil (RM7.5mil).

The disposal of the Setia Tujuh vessel, which could deliver a gain on disposal of about RM2.5mil, was part of Alam Maritim’s plan to scale down its offshore support vessel segment.

This was in order to focus on the subsea segment.

In a stock exchange filing yesterday, Alam Maritim said its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd, had on Aug 30 sold the vessel to Mumbai-based Shivansh Offshore and Marine Services Pvt Ltd.

Setia Tujuh was acquired in 2008 at an original cost of RM23.1mil, while its net book value as at the date of disposal was RM5.1mil.

The vessel was last valued at RM3mil by Armal Marine and Offshore Sdn Bhd, an independent vessel valuer, in July 2025.

“The proceeds arising from the disposal will be utilised to meet the operating expenditure requirements of Alam Maritim and its subsidiaries.”

Separately, Malayan Banking Bhd (Maybank) has emerged as a substantial shareholder in Alam Maritim.

This came after a total of 85,379,266 new ordinary shares in Alam Maritim had been issued to Maybank and the bank’s subsidiary, Maybank Islamic Bhd (MIB), on Aug 29 at an issue price of 28 sen each.

The shares were issued together with 21,344,825 free detachable warrants in Alam Maritim on the basis of one settlement warrant for every four settlement shares as part of the settlement terms of the liabilities owing by Alam Maritim and Alam Maritim (M) Sdn Bhd, the wholly-owned subsidiary of Alam Maritim, to Maybank and MIB.

As at Aug 29, Maybank’s direct and indirect shareholdings (through MIB, a wholly-owned subsidiary of Maybank) in Alam Maritim totalled 19.16% of Alam Maritim’s total number of issued shares.