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MATERIAL LITIGATION ALAM MARITIM RESOURCES BERHAD (AMRB) PROPOSED SCHEME OF ARRANGEMENT KUALA LUMPUR HIGH COURT ORIGINATING SUMMONS NO. WA-24NCC-214-05/2021

ALAM MARITIM RESOURCES BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ALAM MARITIM RESOURCES BERHAD (AMRB)
PROPOSED SCHEME OF ARRANGEMENT 
KUALA LUMPUR HIGH COURT ORIGINATING SUMMONS NO. WA-24NCC-214-05/2021

Reference is made to the announcements dated 21 May 2021, 19 November 2021, 17 February 2022, 11 January 2023, 10 April 2023 and 25 October 2023 in relation to the scheme of arrangement proceedings filed by both AMRB and Alam Maritim (M) Sdn Bhd (“AMSB”) (collectively “Applicants”).

The Board of Directors of AMRB wishes to announce that on 23 January 2024, the High Court of Malaya at Kuala Lumpur had granted in favour of the Applicants, among others, the following Orders pursuant to sections 366 and 368 of the Companies Act, 2016 (“Act”):

  1. An order pursuant to section 366(1) of the Act to extend the time by nine (9) months from 25 January 2024, to summon meetings of the creditors of the Applicants or any class of them for the purpose of considering and, if thought fit, approving with or without modification a scheme of arrangement and compromise proposed between the Applicants and the scheme creditors; and
  2. An order that the restraining order pursuant to section 368(1) of the Act, be extended for a period of nine (9) months from 25 January 2024, whereby all current and further proceedings in any legal actions or proceedings against AMSB and/or the assets of AMSB be restrained and stayed except by leave of Court.

The Orders granted by the High Court were obtained as part of AMRB’s overall restructuring and rehabilitation plan by way of a proposed scheme of arrangement with its creditors.

The restraining order is not envisaged to have any material financial and operational impact to AMRB and AMSB.

Further developments on the above matter will be announced to Bursa Malaysia Securities Berhad in due course.

 

This announcement is dated 24 January 2024.






Announcement Info

Company Name ALAM MARITIM RESOURCES BERHAD
Stock Name ALAM
Date Announced 24 Jan 2024
Category General Announcement for PLC
Reference Number GA1-24012024-00018



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