Alam Maritim shares rise 4%

PETALING JAYA: Alam Maritim Resources Bhd’s share price rose 4% today to 13 sen after it was granted an extension of time to submit its Proposed Restructuring Scheme.

At 12.07pm, its share price was 4% higher at 13 sen with a total of 1.06 milion shares traded. The stock closed unchanged at 12.5 sen yesterday, with 546,800 units traded.

The company, which is being aided by the central bank’s Corporate Debt Restructuring Committee to rationalise its debts, has until Aug 11 to submit its Proposed Restructuring Scheme.

The extension was granted on the basis of allowing for the completion of an Independent Business Review conducted by independent financial advisor, Ernst & Young, which will assess the company’s ability to meet its debt obligations to its financial institution creditors.

In addition, the company said it has ongoing major tendering activities that could see the redeployment of its vessels, and significantly impact its cash flow and financial performance.