Alam Maritim Resources Bhd’s head of global subsea business, Alvin Ch’ng Yi Ming, has become a substantial shareholder in the company after acquiring an 8.91% stake.
According to a Bursa Malaysia filing, Ch’ng purchased 39.7 million shares on March 19. While the transaction value was not disclosed, the shares would be worth roughly RM10.72 million based on the closing price of 27 sen on the same day.
Ch’ng’s stake follows Maybank Banking Bhd’s exit from Alam Maritim. Maybank sold its entire direct stake of 5.67 million shares (1.249%) and its indirect holding of 79.81 million shares (17.91%) through Maybank Islamic Bhd on March 19. Maybank had acquired a 19.16% stake in the company in September last year under a scheme of arrangement, paying 27.83 sen per share, or RM23.76 million in total, with warrants issued on a one-for-four basis.
In a separate filing, Alam Maritim revealed that two other substantial shareholders also increased their stakes. Datuk Aloysius Albert Michael, CEO of the company’s global subsea business, raised his holding to 55.51 million shares, representing 12.436% of the company, up from 7.626%. Saujana Holdings Sdn Bhd increased its stake to 66.92 million shares, or 15.019%, from 10.65%, acquiring 19.46 million shares between March 17 and March 24.
Alam Maritim’s scheme of arrangement was part of a broader plan to exit its PN17 status. The plan also included a share capital reduction, share consolidation, and a rights issue with warrants. The company entered PN17 status in 2022 after its auditor, Baker Tilly Monteiro Heng PLT, issued a disclaimer of opinion for the 18-month period ending June 30, 2022, citing a net loss of RM209.5 million, current liabilities exceeding current assets, and negative operating cash flows.
Alam Maritim closed unchanged at 27 sen on Tuesday, giving it a market capitalisation of RM120 million.
