KUALA LUMPUR: ALAM MARITIM RESOURCES BHD []'s share price advanced on Monday, Oct 25 after Maybank Investment Bank Bhd Research (Maybank IB) maintained its hold call on the stock with target price RM1.15 and said it was positive on the company's partnership with the Yayasan Sabah Group.

At 9.35am, Alam was up five sen to RM1.12 with 783,000 shares traded.

Alam Maritim entered into memorandum of understanding (MoU) with Yayasan Sabah Shipping Sdn Bhd, a unit of Yayasan Sabah Group with a view to form a joint venture (JV) company.

Alam Maritim said the JV would be involved in the provision of services including offshore installation CONSTRUCTION [], marine operations, and subsea works to the energy industry in Sabah.