Alam Maritim CEO Azmi Ahmad remanded in anti-corruption probe, shares hit five-month low

Alam Maritim Resources Bhd’s group managing director and group chief executive officer Datuk Azmi Ahmad has been remanded to assist an ongoing investigation by the Malaysian Anti-Corruption Commission (MACC), the company said in a filing with Bursa Malaysia.

The company, which provides offshore marine and oil and gas support services, said the remand was to facilitate the investigation and stressed that it does not constitute a finding of wrongdoing. 

“The board has taken the necessary measures to ensure continuity of the group's operations and will make further announcements should there be any material development,” Alam Maritim said in the filing.

Azmi has served as Alam Maritim’s group managing director and group CEO since May 2006. He is also a non-independent executive director and chairs the company’s Employees’ Share Option Scheme Committee, while serving as a member of its Board Risk Management Committee. 

The development triggered a sharp reaction in the stock market, with Alam Maritim shares falling as much as 3.5 sen, or nearly 13%, to 22.5 sen. The level was the lowest in more than five months, according to market reports.

The shares later closed at 23 sen, valuing the company at about RM102 million, after more than three million shares changed hands.

The company’s principal businesses include offshore support vessels and services, offshore facilities construction and installation, subsea engineering and underwater services, offshore pipeline construction, remotely operated vehicle services, integrated logistics and offshore pipelay and installation. 

The investigation comes shortly after Alam Maritim exited the Practice Note 17 (PN17) status on 8 June 2026 following the completion of its debt restructuring, according to the company’s investor-relations disclosures.

In May, Azmi said the company was bidding for between RM2.5 billion and RM3 billion worth of oil and gas support service projects. He said the group had an order book of about RM900 million, providing work visibility for the next two to three years, while targeting a vessel utilisation rate of between 73% and 75%.

Alam Maritim has not disclosed details of the MACC investigation or the allegations, if any, relating to the probe. The company has said that the remand should not be interpreted as a finding of wrongdoing.

Under Malaysian law, remand proceedings allow authorities additional time to conduct an investigation before deciding whether there is sufficient evidence to bring charges. At this stage, a person who is remanded remains presumed innocent.

The company said it will provide further announcements if there are any material developments.