Alam Maritim (M) Sdn Bhd, a wholly-owned unit of Alam Maritim Resources Bhd, has signed a joint venture (JV) and shareholders' agreement with Yayasan Sabah Shipping Sdn Bhd (YSS) to participate in the economic and commercial activities in Sabah, particularly in the oil and gas industry.

Alam Maritim said the JV partners would incorporate a special-purpose vehicle, named YSS Alam Energy (M) Sdn Bhd, or any other name as approved by both parties and the Companies Commission of Malaysia.

'The proposed JV aimed to collaborate in the provision of maritime services and facilitate the localisation and transfer of oil and gas-related technology into Sabah,' it said in a filing to Bursa Malaysia today

It said the authorised share capital of the JV company would be RM100,000 divided into 100,000 ordinary shares of RM1.00 each.
Alam Maritim said capital outlays and projects undertaken by the JV company would be funded by equity injection by both parties and external borrowings from local financial institutions in equal proportion. -- BERNAMA