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Alam Maritim bails out of loss-making KJ Waja Engineering

Alam Maritim bails out of loss-making KJ Waja Engineering
As the oil and gas sector downturn wears on, Malaysian companies such as Alam Maritim Resources are making even more cuts to streamline business, with the services provider announcing that it has basically written off its interests in ship repair and refurbishing firm KJ Waja Engineering.

The company said in a stock market announcement that it had disposed off its 84% stake for MYR2 (50 US cents) in cash, selling the majority stake it had earlier taken in the loss-making company back to its founders Kamarul Zaman Jantan and Norishah A Kadir.

“The sale consideration was arrived at based on ‘willing-buyer-willing-seller’ basis and after taking into consideration the negative shareholders’ fund attributable to owners of KJ Waja of MYR1.31m as at Dec 31, 2015,” Alam Maritim said.

Alam Maritim had hoped to expand on its core offshore supply vessel business by venturing into ship repair and maintenance with KJ Waja Engineering and make use of its shipyard in Kuala Linggi, Melaka.