KUALA LUMPUR (Sept 2): Malayan Banking Bhd (KL:MAYBANK) said its unit Maybank Islamic Bhd has become a 17.91% shareholder of offshore support vessel (OSV) player Alam Maritim Resources Bhd (KL:ALAM) following the execution of the latter’s regularisation plan.
Maybank Islamic received 79.81 million shares issued by Alam Maritim “as part of the settlement terms of the liabilities owing” by the group and its wholly owned unit Alam Maritim (M) Sdn Bhd, it said in a filing.
Maybank also received 5.57 million Alam Maritim shares representing 1.25% stake in the company. In total, Maybank and Maybank Islamic combined hold 19.16% in Alam Maritim.
The shares, which come with warrants on a one-for four basis, were issued at 27.83 sen apiece or RM23.76 million, according to the filing. Shares of the OSV player closed half a sen lower at 16 sen per share on Tuesday, valuing the group at RM71.29 million.
The exercise is part of Alam Maritim’s regularisation plan to exit its Practice Note 17 status, which included:
- a share capital reduction to slash accumulated losses by RM440 million;
- a 10-to-one share consolidation exercise;
- a three-for-four rights issue at 12 sen per share with warrants on a one-for-four basis, exerciseable at 30 sen per warrant;
- and the issuance of the 177.51 million settlement shares as part of its debt restructuring.
It issued 114.89 million rights shares in total, raising RM13.79 million in the process.
The debt restructuring, meanwhile, allows Alam Maritim to recognise a one-off net gain of RM50.63 million as a result of the waiver of debts owed to scheme creditors, according to its past filing.
The exercise has reduced the group’s borrowings to under RM15 million, with net gearing of slightly above 0.7 times based on its latest audited financial statement, the filing showed.
Alam Maritim is also disposing of its anchor handling tug supply vessel MV Setia Teguh for RM7.5 million, it said in a separate filing on Tuesday, which will result in a gain of disposal of RM2.5 million.