COMPLETION OF JOINT VENTURE ARRANGEMENT BETWEEN ALAM MARITIM (L) INC AND FAST OFFSHORE SUPPLY PTE LTD (formerly known as BROMPTON INVESTMENTS PTE LTD)

COMPLETION OF JOINT VENTURE ARRANGEMENT BETWEEN ALAM MARITIM (L) INC AND FAST OFFSHORE SUPPLY PTE LTD (formerly known as BROMPTON INVESTMENTS PTE LTD)

13:14 16 January in Uncategorized
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Date: 16 January 2008

General Announcement
Type : Announcement
Subject : COMPLETION OF JOINT VENTURE ARRANGEMENT BETWEEN ALAM MARITIM (L) INC AND FAST OFFSHORE SUPPLY PTE LTD (formerly known as BROMPTON INVESTMENTS PTE LTD)

Contents :

INTRODUCTION

We refer to our announcements dated 31 May 2007, 22 June 2007 and 23 October 2007 in relation to the above matter.

The Board of Directors of Alam Maritim Resources Berhad (“Alam” or the “Company”) is pleased to announce that Alam Maritim (L) Inc (“AMLI”), a wholly-owned subsidiary of the Company, had on 15 January 2008, completed a joint venture arrangement with Fast Offshore Supply Pte Ltd, formerly known as Brompton Investments Pte Ltd (“Fast Offshore”) for the purpose of owning and operating Fast Multipurpose Supply Vessels.

THE JOINT VENTURE AND SHAREHOLDERS AGREEMENT

Alam Brompton (L) Inc (“Alam Brompton”) was incorporated on 15 June 2007 as the special purpose vehicle for the joint venture.

Pursuant to the Joint Venture and Shareholders Agreement (duly executed on 2 January 2008), AMLI and Fast Offshore had on 15 January 2008, subscribed up to 51 and 49 percent, respectively of the new shares in Alam Brompton.

The current issued and paid up capital of Alam Brompton stands at 674,900 shares of USD1.00 equivalent to USD674,900.00.

AMLI and Fast Offshore each holds 344,150 and 330,750 shares, respectively.

FINANCIAL EFFECTS

The completion of the joint venture arrangement is not expected to have any material effects on the share capital and shareholding structure of the Company. Alam Brompton is expected to contribute positively to the earnings and net tangible assets of the Alam Group for the year ending 31 December 2008 and beyond.

APPROVAL REQUIRED

The execution of the Joint Venture and Shareholders Agreement has been approved by the Boards of the respective parties and is not conditional upon the approval of the Company’s shareholders or any approvals being obtained from any relevant authorities.

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST

None of the directors or major shareholders or persons connected to the directors or major shareholders has any direct or indirect interest in Alam Brompton save for En Azmi bin Ahmad and En Shaharuddin bin Warno @ Rahmad who are directors and major shareholders of the Company.

DIRECTORS’ STATEMENT

The Board of Directors is of the opinion that the joint venture arrangement is in the best interest of the Company.

This announcement is dated 16 January 2008.

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