KUALA LUMPUR (March 25): The voluntary resignation of Messrs Al Jafree Salihin Kuzaimi PLT (Salihin) as the auditor of Alam Maritim Resources Bhd was due to the former's limited number of partners registered with the Audit Oversight Board (AOB). 

Alam Maritim said in a filing with Bursa Malaysia on Friday (March 25) that it had received a notice in writing of Salihin’s resignation.

Salihin currently only has three partners registered with the AOB and its focus going forward is to serve non-public interest entities, according to Alam Maritim.

The group noted that it remains in the midst of appointing a new auditor pursuant to Section 271(2) (b) of the Companies Act 2016. Further announcements will be made by the company on the appointment of a new auditor in due course. 

“Save for the above, the board is not aware of any matters that need to be brought to the attention of the shareholders of the company,” it added.

Alam Maritim has been in the red over the past few years. Its net loss expanded to RM129.98 million for the fourth quarter ended Dec 31, 2021 (4QFY21) from RM82.19 million for the corresponding quarter of the previous year as revenue dropped 52.3% to RM30.89 million from RM64.76 million. 

For the full year, the group’s net loss slightly widened to RM156.26 million from a net loss of RM119.46 million for the corresponding year, while revenue fell 42.95% to RM145.59 million from RM255.21 million.

On prospects, Alam Maritim expects its business outlook to be influenced by the level of capital expenditure spending by oil majors, which is in line with the volume of exploration and production activities.

The High Court in November last year granted Alam Maritim and its subsidiary Alam Maritim (M) Sdn Bhd (AMSB) an extension of three months from Nov 21 to call for a scheme of creditors meeting and allowed their request for a restraining order to restrain all legal proceedings against AMSB.

The orders granted by the court were obtained as part of Alam Maritim's overall restructuring and rehabilitation plan by way of a proposed scheme of arrangement with its creditors.

As at 3.05pm on Friday, Alam Maritim's share price was unchanged at 2.5 sen, bringing it a market capitalisation of RM38.29 million.