Alam Maritim said in a stock market announcement that Armada is selling out its stake in the JV called Alam-PE Holdings (L). In turn, Wasco Energy, a unit of Wah Seong which has formed a JV with the investment holding and ship owning unit of Alam, Alam Maritim (L), will emerge with a 49% stake in Alam-PE with Alam raising its interest to 51%.
Wah Seong is a diversified construction and engineering company which has an oil and gas division engaged in pipe coating and manufacturing for the industry, building and operating offshore/ onshore field development facilities and the provision of specialized equipment and services to the power generation, oleochemical and petrochemical industries. It looks like it is diversifying further into Malaysia's hot domestic OSV sector.
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