KUALA LUMPUR: ALAM MARITIM RESOURCES BHD [] shares advanced on Tuesday, April 26 after its unit entered into two charter party agreements for a total sum of RM24.75 million.
At 9.25am, Alam was up two sen to RM1.16 with 930,400 shares traded.
In a statement Monday, April 25, Alam Maritim said its unit Alam Maritim (M) Sdn Bhd had entered into the agreements with two oil and gas services companies for the provision of one unit Workboat and one unit 4 Point Mooring System Workboat.
It said the 4 Point Mooring System Workboat contract worth RM6.75 million was for sixty days from April 17, with an extension option for another 30 days.
Meanwhile, the Workboat contract worth RM18 million was for a period of 12 months from April 18, with an extension option on a monthly basis.
OSK Research has maintained its Buy recommendation on the stock with an unchanged target price of RM1.50 based on the existing PER of 15x FY11 EPS.
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At 9.25am, Alam was up two sen to RM1.16 with 930,400 shares traded.
In a statement Monday, April 25, Alam Maritim said its unit Alam Maritim (M) Sdn Bhd had entered into the agreements with two oil and gas services companies for the provision of one unit Workboat and one unit 4 Point Mooring System Workboat.
It said the 4 Point Mooring System Workboat contract worth RM6.75 million was for sixty days from April 17, with an extension option for another 30 days.
Meanwhile, the Workboat contract worth RM18 million was for a period of 12 months from April 18, with an extension option on a monthly basis.
OSK Research has maintained its Buy recommendation on the stock with an unchanged target price of RM1.50 based on the existing PER of 15x FY11 EPS.
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