Alam Maritim Resources Bhd’s shares tumbled nearly 12% in a single day of trading after news emerged that its group managing director and group chief executive officer, Datuk Azmi Ahmad, had been remanded by the Malaysian Anti-Corruption Commission (MACC).
According to sources, Azmi was remanded to facilitate an ongoing investigation, although further details surrounding the nature of the probe were not immediately disclosed.
In a filing with Bursa Malaysia yesterday, the offshore oil-and-gas services firm sought to reassure investors, stating that the remand did not constitute any finding of wrongdoing on the part of its top executive. The company emphasised that the matter remains under investigation and that no conclusions should be drawn at this stage regarding Azmi’s conduct or the company’s operations.
“The board has taken the necessary measures to ensure continuity of the group’s operations and will make further announcements should there be any material development,” the company said in the filing, signalling its intent to keep shareholders and the wider market updated as the situation unfolds.
Despite the reassurance, the news triggered a sharp sell-off in the counter, with the stock closing at 23 sen, its lowest level in nearly six months. The steep decline reflects investor concerns over potential leadership uncertainty and the broader implications the investigation could have on the company’s operations and reputation, even as the board moves to maintain business continuity during this period.
