Quick take: Alam Maritim shares gain on contract win

KUALA LUMPUR: Shares of ALAM MARITIM RESOURCES BHD gained on Friday on heavy trading, after the provider of offshore support vessels announced a contract win.

The counter added 7.41%, or one sen to 14.5 sen with 8.03 million shares done. Alam-WA rose 10%, or 0.5 sen to 5.5 sen. It is the most actively traded counter with 14.8 million shares done.

Alam Maritim has secured a RM14.42mil contract from Petronas Carigali Sdn Bhd.

The group said its unit Alam Maritim (M) Sdn Bhd had won the work order from the Petronas Carigali to provide one anchor handling tug and supply vessel.

Petronas Carigali will be chartering Alam Maritim’s Setia Jihad vessel for up to 152 days. The effective date of the contract is from Nov 12.

“The contract is expected to contribute positively to the earnings and net tangible assets of Alam and its group of companies for the financial year ending Dec 31,2019 and thereafter within the duration of the contract, ” Alam Maritim said.

Source: TheStar