ALAM MARITIM RESOURCES BHD
KLSE (MYR): ALAM (5115)
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Last Price
0.03
Today's Change
0.00 (0.00%)
Day's Change
0.03 - 0.035
Trading Volume
777,000
Prices
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Discussions
44 people like this. Showing 50 of 15,210 comments
managed to sell everything at 4 cents and finally out of this dogwater stock
2024-07-31 11:58
thats the pattern you can see for yourself in the charts this stock only reaches 4 cents every july
2024-08-01 17:02
The US, UK and France are among several countries urging their citizens to leave Lebanon as heightened tensions in the region spark fears of a widening Middle East conflict
2024-08-04 20:39
TEL AVIV — Israel is bracing for a potential multiday attack by Iran and its ally Hezbollah following the assassination of two senior militant leaders last week, an Israeli official told NBC News.
The official said Israel fears waves of missiles and drones could be fired over several days in response to the killing of Hamas political leader Ismail Haniyeh and Hezbollah commander Fuad Shukr.
“They’ll just try to wear us out,” the official said.
2024-08-05 03:46
yep the show only appears every year july
this stock is higly manipulated so dont be jumping in the bandwagon it leads to nowhere
2024-08-07 10:57
No confident even to buy back @ 3 sen. U c what happened to Xox. The different is Alam is making profit n Xox not.
2024-08-07 22:19
Robert, care to explain further
Robert Waters
Well, about 1/3 of shares is owned by one director through SAR ventures. Not sure if that is the Syndicate controlling the price (spike in July), but I think they support the price to guarantee plan to issue right shares and warrants is viable.
1 day ago
2024-08-09 06:40
PRACTICE NOTE 17 / GUIDANCE NOTE 3 : REGULARISATION PLAN
ALAM MARITIM RESOURCES BERHAD
Announcement details
Type: Announcement
Subject: PRACTICE NOTE 17 / GUIDANCE NOTE 3
REGULARISATION PLAN
Description: ALAM MARITIM RESOURCES BERHAD ("AMRB" OR THE "COMPANY")
PROPOSED REGULARISATION
Reference is made to the earlier announcement dated 26 July 2024 in relation to the Proposed Regularisation Plan (“Requisite Announcement”). Unless stated otherwise, abbreviations and definitions used throughout this announcement shall bear the same meaning as those defined in the Requisite Announcement.
On behalf of the Board of Directors of AMRB, Interpac wishes to announce that the application in relation to the Proposed Regularisation Plan had been submitted to Bursa Securities on 16 August 2024.
This announcement is dated 19 August 2024.
Date Announced: 19-8-2024
2024-08-20 05:50
The application in relation to the Proposed Regularisation Plan had been submitted to Bursa Securities…
Now is waiting for Bursa to announce Alam exit from PN17 !
Once exit from PN17, Alam shares price at least will spike up to break
above 80 cents !
Heng ah, Ong ah, Huat ah !
2024-08-20 08:15
Full year profit 36M. Hopefully, get out PN17 in this year. Share price will going up…
2024-08-29 21:28
Oil jumps over $3 a barrel as Middle East conflict stokes supply worry
By Georgina Mccartney
October 4, 2024 3:14 AM GMT+8
Reuter
HOUSTON, Oct 3 (Reuters) - Oil prices surged on Thursday as concerns mounted that a widening regional conflict in the Middle East could disrupt global crude flows.
Brent crude futures settled up $3.72, or 5.03%, at $77.62 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled up $3.61, or 5.15%, to $73.71.
Brent futures reached an intraday high of $77.89 per barrel, while WTI futures peaked at $73.97 per barrel, both hitting one-month highs.
2 months ago
Walaoeh, oil price spike up like mad !
Brent closed at=> $80.93 +2.88 +3.69 %
Heng ah, Ong ah, Huat ah !
2 months ago
Yes, traditionally, this company makes a small gain of about 1 sen (MYR 0.01) once a year on the rumour that something may happen. And when nothing much happens, it goes back to the range. I am glad I exited. But will consider jumping in again, in the spring of 2025.
3 weeks ago
Good financial report. However, Alam price is driven by the distress situation, not earnings. The disclaimer of opinion is still there on page 8/16. No chance to get out of PN17. I do NOT expect much of upward movement in price tomorrow.
_____________________________________________________________
AUDITORS' REPORT ON PRECEDING ANNUAL FINANCIAL STATEMENTS
TheGroupandtheCompanyhavenotappliedinadvancethefollowingaccountingstandard(s)and/orinterpretation(s)(includingtheconsequentialamendments,ifany)thathavebeenissuedbytheMalaysianAccountingStandardsBoard(“MASB”)butarenotyeteffectiveforthecurrentfinancialyear:-
TheauditorsdidnotexpressanopiniononthefinancialstatementsoftheGroupandoftheCompanyforthefinancialyearended30June2024.BecauseofthesignificanceofthemattersdescribedintheBasisforDisclaimerofOpinionsectionofthereport,theauditorshavenotbeenabletoobtainsufficientappropriate audit evidence to provide basis for an audit opinion on the financial statements.
3 weeks ago
To be fair, the company promissed to address the issue with the auditors in a statement made 3 days ago. It is important, so I provide it.
_____________________________________
ALAM MARITIM RESOURCES BHD ("ALAM" OR THE "COMPANY") DISCLAIMER OF OPINION ON THE AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 3O JUNE 2024
Reference is made to the announcement dated 30 October 2024 and 21 November 2024 in relation to the scheme of arrangement proceedings filed by both AMRB and Alam Maritim (M) Sdn Bhd (“AMSB”).
Pursuant to Paragraph 9.19(37) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors of ALAM wishes to further announce that the Company has initiated steps to improve its record-keeping processes and is currently working to resolve this issue by providing the information and documents that are required by the external auditors in order to enable the external auditors to satisfy themselves on the truth and fairness of the financial statements prepared by the directors.
3 weeks ago
I wonder why they didn’t asked for extension period for submitting the annual report/audited account instead of submitting those on time with qualified opinion from the external auditor.
3 weeks ago
They are doing special audit which is expected to complete in December 2024. Will bursa consider the upliftment once the report is ready and all accounting compliance are meet, or bursa will wait for another round of quarterly announcement by end of February?
3 weeks ago
Wow, Superb good news for Alam !
Finally, the 3rd QR just released yesterday !
Alam's revenue increased from to 134,154,000(Previous QR) to 194,223,000 (+60,069,000) (+44.8 %)
it's Profit/(loss) for the period was increased from 4,855,000(Previous QR) to 10,740,000(+5,885,000) (+121.2 %)
Well done Alam !
3 weeks ago
Alam was making six consecutives quarter profits since 31-8-2023
1)31-8-2023 QR for 30Jun2023(2ndQR2023) Positive QR Profits of +17.5 million ringgit
2)30-11-2023 QR for 30Sep2023(3rdQR2023) Positive QR Profits of +2.7 million ringgit
3)28-2-2024 QR for 31Dec2023(4thQR2023) Positive QR Profits of +2.6 million ringgit
4)31-5-2024 QR for 31Mar2024(1stQR2024) Positive QR Profits of +18.5 million ringgit
5)29-8-2024 QR for 30Jun2024(2ndQR2024) Positive QR Profits of +4.9 million ringgit
6)28-11-2024 QR for 30Sep2024(3rdQR2024) Positive QR Profits of +10.7 million ringgit
Well done Alam & Keep it up your good job !
3 weeks ago
High chances to get out of PN17,look at the 6 consecutive qtrs profit. Just a matter of time.
3 weeks ago
There is NO chance to get out of PN17. They must first implement a Regularisation Plan which involves rights isses, EGM, courts to approve, etc. And only AFTER implemented, 2 Quarter Profits. This will be YEARS! And as you see up, reports are not certified by auditors, so cannot be considered for anything.
3 weeks ago
“Robert Waters
There is NO chance to get out of PN17. They must first implement a Regularisation Plan which involves rights isses, EGM, courts to approve, etc. And only AFTER implemented, 2 Quarter Profits. This will be YEARS! And as you see up, reports are not certified by auditors, so cannot be considered for anything.“
The only thing holding them right now is the issue highlighted in auditor report. If they manage to clear this with special audit which is expected to complete by December, nothing more stopping them from bursa to approve their regulation plan.
To exit pn17, the company doesn’t have to strictly follow the reg plan. As long as the company turn to net asset and green PNL, bursa will eventually remove them from PN17. Look at epicon, they hardly execute the reg plan but now no longer a pn17 company.
2 weeks ago
Thank you for making a point. I own a few PN17 companies. Read a few plans. Got a few press articles about Schemes of Arrangements. Never heard of company just being released because of going green. They need to remove triggering events. It is now concern about ability to go on (as a going concern about MATERIAL UNCERTAINITY). Not just availability of records. But I did my research months ago, forgot details about Alam.
2 weeks ago
I checked my old research. Alam triggered multiple PN17 criteria. Two disclaimers from auditors, equity loss and default on debt payment. All of them have to be resolved. That is not just a matter of 'going green.' Paper profit do not address the triggers. So it sure will take a few years if all things go right.
https://klse.i3investor.com/web/blog/detail/AlamMaritimHeadinSand/2024-06-14-story-h-159614966-Alam_Maritim_Resources_Berhad_Is_a_Cancer_Patient_Requiring_ICU_with_Di
2 weeks ago
Look at the 6 consecutively qtrs profits,it means alam is on the right track to recovery.Althought it will takes time to get rid of PN17,but chances are bright.
2 weeks ago
Well, as I told you, PN17 has not much to do with 6 consecutive reports of good earnings. It is about the two disclaimers from auditors, equity loss and default on debt payment. All of them have to be resolved. For example: if auditors issue disclaimer about poor records at Alam, good earnings are NOT supported by records and cannot be used to exit PN17. Issue of records must be addressed.
2 weeks ago
Alam Maritim aims to get approval for PN17 exit plan by 1Q2025, seeks to expand subsea business
https://theedgemalaysia.com/node/737699
By Anis Hazim / theedgemalaysia.com
13 Dec 2024, 06:24 pm Updated - 05:10 pm
KUALA LUMPUR (Dec 13): Alam Maritim Resources Bhd (KL:ALAM) is expecting to obtain approval for its plan to exit its Practice Note 17 (PN17) status by the first quarter of 2025, after having been classified as a PN17 company for over two years, according to group managing director and group chief executive officer Datuk Azmi Ahmad.
The integrated oil and gas services company has, in August this year, submitted a plan to regularise its PN17 status — typically a classification for financially-distressed companies — to the exchange regulator.
The plan includes a share capital reduction of RM440 million, a 10-to-one share consolidation, an issuance of renounceable rights shares with warrants and a scheme of arrangement with its creditors.
While awaiting approval from the regulator, the Main Market-listed company has been actively growing its subsea services business in Malaysia and other countries.
“We have not gone to the international [market] yet [for subsea business], because our resources and capacity for now only allow us to operate within the country. I think everything will come in place after the structuring. We have to make sure that we are financially strong to stand outside Malaysia,” Azmi told The Edge after hosting the company’s virtual annual general meeting (AGM) on Friday.
The subsea services market is a high-barrier-to-entry sector requiring significant capital investment, specialised skills, and years of operational experience — and Alam Maritim has positioned itself to capture opportunities in this market, said Azmi.
“There are not many players [in Malaysia], and it's quite difficult for newcomers. So, this business is a very niche market,” Azmi said.
Other local companies that also provide subsea oil and gas services are Sapura Energy Bhd (KL:SAPNRG), Barakah Offshore Petroleum Bhd (KL:BARAKAH), Uzma Bhd (KL:UZMA) and Carimin Petroleum Bhd (KL:CARIMIN).
The subsea segment made up 66% of Alam Maritim’s revenue for the financial year ended June 30, 2024 (FY2024), while the remaining was contributed by offshore service vessel (OSV) and other rental and shipping-related segments.
Margins in the OSV segment, however, has become increasingly thin, said Azmi, with many well-capitalised new entrants, said Azmi.
“There are a lot of new entrants and new investors who come to this business as long as you have money to buy the ships. It is very competitive,” he said.
The group’s order book has been standing at around RM1.52 billion for both FY2023 and FY2024. It expects to maintain its order book size at around this level for the upcoming years.
“With the contracts and expertise that we have, I think, Insha-Allah (God willing), post-restructuring, we can put the company in a strong financial position and develop more businesses for the company,” he added.
Alam Maritim, whose share price has risen by over 16% year-to-date, had been loss making for several years from FY2018, before it returned to the black in FY2023 with a net profit of RM18.45 million following a change in financial year end to June 30, and remained profitable in FY2024 with a net profit of RM26.28 million.
In its first quarter ended Sept 30, 2024 (1QFY2025), the group's net profit more than doubled to RM7.68 million from RM2.7 million in the same quarter a year earlier, as revenue surged over sixfold to RM194.22 million from RM29.66 million, largely due to higher contribution from one of its subsea services contract.
The earnings improvement was driven by higher contributions from the OSV segment, thanks to higher daily charter and vessel utilisation rates.
Alam Maritim slipped into PN17 status in 2022 after its external auditor Baker Tilly Monteiro Heng PLT expressed a disclaimer of opinion on the group's audited accounts for the financial period from Jan 1, 2021 to June 30, 2022 in October 2022.
Shares of Alam Maritim were traded unchanged at 3.5 sen on Friday, valuing the group at RM46.91 million.
Edited ByTan Choe Choe
5 days ago
Superb good news for Alam !
Alam will obtain approval for its plan to exit its Practice Note 17 (PN17) status by the first quarter of 2025 !
Like that today Alam will limit up to closed at => 0.635 (+0.60) (+1,715 %) already liao lah !
Heng ah, Ong ah, Huat ah !
5 days ago
If you believe that Alam will exit PN17 by the first quarter of 2025 then buy some shares now. Otherwise, you may want to wait a few years, until EGM is hold, court approves deals, right warrants are issued, etc. Simple.
3 days ago
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