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New Straits Times
4 days ago
- Business
- New Straits Times
Alam Maritim jumps nearly 24pct in active trade
KUALA LUMPUR: Shares of Alam Maritim Resources Bhd jumped nearly 24 per cent in morning trade as the stock continued to stabilise following a price adjustment from its share consolidation exercise in early July. The counter opened slightly higher, up one sen or 5.26 per cent, before climbing as much as 4.5 sen or 23.68 per cent to 23.5 sen in active trade. At the time of writing, the stock had eased to 22.5 sen, still up 3.5 sen or 15.56 per cent, with over 10 million shares changing hands, its busiest trading day in more than a month. Alam Maritim completed a 10-to-1 share consolidation on July 3, with the stock trading on an adjusted basis starting July 1, rising from 2.5 sen to 26.5 sen on that day. Since the price adjustment, the stock has fallen 7.5 sen or 28.3 per cent from its adjusted high of 26.5 sen, closing at 19 sen yesterday after touching a low of 17.5 sen on Aug 1. Last Friday, the company confirmed that its ongoing rights issue is part of efforts to restructure its debts and exit its Practice Note 17 (PN17) status. The rights issue opened on July 31. Eligible shareholders have until Aug 15 to subscribe to their entitled shares or apply for excess shares. Trading of provisional rights ends on Aug 7. Under the offer, shareholders are entitled to subscribe for three new shares for every four shares held, at 12 sen per share. For every four rights shares subscribed, they will also receive one free warrant, exercisable at 30 sen per share. The company expects to raise about RM13.8 million, most of which will go towards settling debts with creditors under its court-approved restructuring plan. Alam Maritim has been classified as a PN17 company since October 2022, after its auditors issued a disclaimer of opinion on its financial statements for the period ended June 30, 2022. The company is an offshore service provider specialising in subsea services and offshore support vessel (OSV) operations for the oil and gas industry. Its core services include underwater inspection, repair and maintenance, vessel chartering and marine construction. For the third quarter ended March 31, 2025, Alam Maritim posted a net profit of RM20.7 million, up from RM18.5 million a year earlier, mainly due to a RM19.5 million reversal of impairment on investments in jointly controlled entities. However, revenue for the quarter fell 22.7 per cent to RM49.3 million from RM63.8 million, primarily due to weaker contributions from the OSV and subsea segments.
New Straits Times
30-07-2025
- Business
- New Straits Times
High Court sets Oct 24 for decision on SRC's suit against Umno, Selangor Umno
KUALA LUMPUR: The High Court here today fixed Oct 24 for its decision in the civil suit filed by SRC International Sdn Bhd and its two subsidiaries against Umno and Selangor Umno over the alleged receipt of RM19.5 million from the companies in 2015. Judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan set the date following the conclusion of two days of oral submissions by counsel Razlan Hadri Zulkifli, who appeared for the plaintiffs SRC International, Gandingan Mentari Sdn Bhd (GMSB), and Jendela Pinggiran Sdn Bhd (JPSB). Appearing for the defendants were counsel Mohamed Shahrul Fazli Kamarulzaman for Umno and Datuk Hasnal Rezua Merican for Umno Selangor. "Thank you to the parties for your extensive submissions. I will deliver my decision on Oct 24 at 9 am," the judge said. In their claim against Umno, the plaintiffs seek the recovery of RM16 million, alleging the funds were wrongfully transferred and that the party had no lawful basis to receive them. The second suit concerns a claim of RM3.5 million against Selangor Umno, which is likewise alleged to have received funds from the plaintiffs. Earlier, Hasnal Rezua submitted that it is their pleaded position that the sum in question constituted a political donation. "There is no serious doubt here about the money that came to Umno Selangor," he said, while counsel Razlan Hadri argued that a breach of fiduciary duties had been clearly established. "Based on the admission by former SRC International director Datuk Suboh Md Yassin (the second SRC witness) himself in signing blank cheques, and the documentary evidence presented before this court, the plaintiffs have proven the breach of trust or duties by the former directors of the plaintiffs on the balance of probabilities,' he said. Meanwhile, Mohamed Shahrul Fazli reiterated Umno's position that it had received the RM16 million and maintained that the entire sum was expended on activities and programmes undertaken as part of the party's corporate social responsibility initiatives. – BERNAMA
The Sun
30-07-2025
- Business
- The Sun
High court to decide SRC's RM19.5m suit against UMNO on Oct 24
KUALA LUMPUR: The High Court has set October 24 for its decision in the civil suit filed by SRC International Sdn Bhd and its subsidiaries against UMNO and Selangor UMNO. The case involves the alleged wrongful receipt of RM19.5 million in 2015. Judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan announced the date after concluding two days of oral submissions. Counsel Razlan Hadri Zulkifli represented the plaintiffs, SRC International, Gandingan Mentari Sdn Bhd, and Jendela Pinggiran Sdn Bhd. The defendants, UMNO and Selangor UMNO, were represented by Mohamed Shahrul Fazli Kamarulzaman and Datuk Hasnal Rezua Merican, respectively. 'Thank you to the parties for your extensive submissions. I will deliver my decision on Oct 24 at 9 am,' the judge said. The plaintiffs seek to recover RM16 million from UMNO, claiming the funds were unlawfully transferred. A separate claim of RM3.5 million is filed against Selangor UMNO for similar allegations. Hasnal Rezua argued that the sum received by Selangor UMNO was a political donation. 'There is no serious doubt here about the money that came to UMNO Selangor,' he said. However, Razlan Hadri countered that fiduciary breaches were evident. 'Based on the admission by former SRC International director Datuk Suboh Md Yassin in signing blank cheques, and the documentary evidence presented, the plaintiffs have proven the breach of trust or duties by the former directors,' he said. Mohamed Shahrul Fazli maintained that UMNO spent the RM16 million on corporate social responsibility initiatives. - Bernama
Barnama
30-07-2025
- Business
- Barnama
High Court Sets Oct 24 For Decision On SRC's Suit Against UMNO, UMNO Selangor
KUALA LUMPUR, July 30 (Bernama) -- The High Court here today fixed Oct 24 for its decision in the civil suit filed by SRC International Sdn Bhd and its two subsidiaries against UMNO and Selangor UMNO over the alleged receipt of RM19.5 million from the companies in 2015. Judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan set the date following the conclusion of two days of oral submissions by counsel Razlan Hadri Zulkifli, who appeared for the plaintiffs SRC International, Gandingan Mentari Sdn Bhd (GMSB), and Jendela Pinggiran Sdn Bhd (JPSB). Appearing for the defendants were counsel Mohamed Shahrul Fazli Kamarulzaman for UMNO and Datuk Hasnal Rezua Merican for UMNO Selangor. "Thank you to the parties for your extensive submissions. I will deliver my decision on Oct 24 at 9 am," the judge said. In their claim against UMNO, the plaintiffs seek the recovery of RM16 million, alleging the funds were wrongfully transferred and that the party had no lawful basis to receive them. The second suit concerns a claim of RM3.5 million against Selangor UMNO, which is likewise alleged to have received funds from the plaintiffs. Earlier, Hasnal Rezua submitted that it is their pleaded position that the sum in question constituted a political donation. 'There is no serious doubt here about the money that came to UMNO Selangor,' he said, while counsel Razlan Hadri argued that a breach of fiduciary duties had been clearly established. "Based on the admission by former SRC International director Datuk Suboh Md Yassin (the second SRC witness) himself in signing blank cheques, and the documentary evidence presented before this court, the plaintiffs have proven the breach of trust or duties by the former directors of the plaintiffs on the balance of probabilities,' he said.
The Sun
09-07-2025
- Business
- The Sun
Selangor PBTs urged to ensure orderly MyKiosk placement
SHAH ALAM: All 12 local government authorities (PBTs) in Selangor have been instructed to ensure the placement of MyKiosk stall units is conducted systematically and in suitable locations. State Local Government and Tourism Committee chairman Ng Suee Lim emphasized the need for safe and strategic placement to benefit both vendors and customers. Ng stated, 'I want all PBTs to monitor and check the areas when placing MyKiosk. Let it be orderly and placed at suitable locations. After three months, if the kiosks are not filled, we can move them to new locations.' The directive follows concerns raised by Dr Afif Bahardin (PN-Taman Medan) regarding the review of MyKiosk placement and deposit payments. A total of 1,028 MyKiosk units have been constructed in Selangor, funded by an allocation of RM20.33 million. The Ministry of Housing and Local Government (KPKT) contributed RM19.5 million, while PBTs covered RM822,211 for site preparation. Each unit costs approximately RM19,785.80, inclusive of structure and location-specific adjustments. MyKiosk is a government initiative designed to support micro, small, and medium enterprises (PMKS) by offering affordable rental rates. The program aims to enhance business competitiveness and improve the socio-economic conditions of local traders.
