Kuala Lumpur: Alam Maritim has signed a joint venture agreement with Wasco Energy, a wholly-owned subsidiary of Wah Seong Corporation Berhad.
Prior to the jv, Alam Maritim and Armada Investment Holding, a subsidiary of CIMB Private Equity had entered into a jv in 2008 to invest and acquire vessels to be chartered to Alam Maritim known as Alam-PE.
Alam-PE’s principal activity is investment holding, while its subsidiaries are principally engaged in the ship owning and chartering offshore supply vessels, and ship management services.
Following yesterday’s transactions, Wasco has bought out Armada’s share in the venture and holds a 49% stake in the jv with Alam Maritim holding the rest. [25/06/14]