KUALA LUMPUR (March 19): Malayan Banking Bhd (KL:MAYBANK) has disposed of the entire 19.16% stake in Alam Maritim Resources Bhd (KL:ALAM) the lender acquired under a scheme of arrangement in September last year.
The stake acquired via the debt settlement, comprising 85.38 million shares, was sold on Thursday, according to a bourse filing.
“Following the above disposal, Maybank has ceased to be a substantial shareholder in Alam Maritim,” Malaysia’s largest bank added. No price tag was disclosed in the filing.
Of the now-disposed stake, 5.57 million shares (1.25% stake) were held by Maybank, and the other 79.81 million shares (17.91%) by its unit Maybank Islamic Bhd. In September last year, the shares, which come with warrants on a one-for-four basis, were issued at 27.83 sen apiece or RM23.76 million in total.
Alam Maritim’s substantial shareholders comprise Saujana Holdings Sdn Bhd with a 10.65% stake, Azmi Ahmad with 9.44%, and Datuk Aloysius Albert Michael with 7.63%.
Saujana Holdings is owned by CNN Capital Sdn Bhd, which in turn is owned by Mohd Sobri Omar, according to the Companies Commission of Malaysia.
Alam Maritim’s scheme of arrangement was a component of the company’s regularisation plan to exit Practice Note 17 (PN17) status. Other components of the plan included a share capital reduction, share consolidation, and a rights issue with warrants.
The company fell into PN17 status in 2022 after its external auditor Baker Tilly Monteiro Heng PLT expressed a disclaimer of opinion on Alam Maritim's audited accounts for the 18-month financial period ending June 30, 2022.
At the time, the external auditor cited the company’s RM209.5 million net loss for the period, current liabilities exceeding current assets, and negative operating cash flows.
For the latest financial year ended June 30, 2025, Alam Maritim posted a net profit of RM33.94 million on a revenue of RM481.29 million.
At end-December 2025, current assets stood at RM194.38 million, while current liabilities totalled RM100.21 million. The operating cash flow was in the negative.
Shares in Maybank ended 14 sen or 1.19% lower at RM11.60 on Thursday, valuing the bank at RM140.14 billion. Alam Maritim closed one sen or 3.85% higher at 27 sen, giving a market capitalisation of RM120.31 million.