KUALA LUMPUR (Sept 3): Alam Maritim Resources Bhd (KL:ALAM) has appointed oil and gas veteran Datuk Aloysius Albert Michael, 75, as senior strategic adviser to the Alam Maritim Group, effective Thursday.
In a filing with Bursa Malaysia, the group said Aloysius, who is a substantial shareholder in the company, will advise its board of directors, group managing director and chief executive officer, as well as management, on business strategy, corporate development, operational performance, business expansion, strategic partnerships and other strategic initiatives.
Aloysius, who is currently chief executive officer of Alam Maritim subsidiary Subsea Worldwide Solutions Sdn Bhd (SWS), owns a 12.436% interest in Alam Maritim. He is currently the company’s second-largest shareholder, behind Saujana Holdings Sdn Bhd, which owns a 15.038% interest. Alvin Ch’ng Yi Ming owns an 8.91% interest, while SAR Venture Holdings (M) Sdn Bhd owns a 7.415% direct interest.
Alam Maritim’s long-serving group managing director and chief executive officer Datuk Azmi Ahmad owns a direct 2.017% interest and a 7.415% indirect stake in the company.
Azmi was remanded by the Malaysian Anti-Corruption Commission (MACC) on Aug 17 to facilitate an ongoing investigation into findings from the Royal Commission of Inquiry (RCI) into Tabung Haji. He was released two days later and subsequently resumed his duties.
The RCI found that about RM278 million had been impaired on the pilgrim fund’s investments in Alam Maritim and TH Marine Group as part of its expansion into the offshore support vessel business.
A subsequent recovery assessment estimated that only RM70.4 million of the investments’ value could potentially be recovered.
Alam Maritim’s financial year 2026 net profit more than tripled to RM101.91 million from RM31.75 million a year earlier, helped mainly by a RM75.92 million gain from debt waived by scheme creditors following the completion of its debt restructuring.