Malayan Banking Bhd has sold its entire 19.16% stake in Alam Maritim Resources Bhd, which it had acquired last September under a scheme of arrangement. The disposal, comprising 85.38 million shares, was completed on Thursday, according to a Bursa Malaysia filing. No sale price was disclosed.
Of the stake, 5.57 million shares (1.25%) were held by Maybank, while 79.81 million shares (17.91%) were held by its unit, Maybank Islamic Bhd. The shares, issued at 27.83 sen each with warrants on a one-for-four basis, were originally acquired for RM23.76 million.
Following the sale, Maybank is no longer a substantial shareholder in Alam Maritim. The company’s current substantial shareholders include Saujana Holdings Sdn Bhd (10.65%), Azmi Ahmad (9.44%), and Datuk Aloysius Albert Michael (7.63%).
The stake was part of Alam Maritim’s regularisation plan to exit PN17 status, which also involved a share capital reduction, share consolidation, and a rights issue with warrants. The company had entered PN17 in 2022 after reporting a RM209.5 million net loss, negative cash flows, and current liabilities exceeding assets.
For the financial year ended June 30, 2025, Alam Maritim posted a net profit of RM33.94 million on RM481.29 million in revenue. As of December 31, 2025, current assets were RM194.38 million, current liabilities RM100.21 million, with negative operating cash flow.
Shares in Maybank closed 14 sen lower at RM11.60, valuing the bank at RM140.14 billion, while Alam Maritim rose one sen to 27 sen, giving a market capitalisation of RM120.31 million.
