It is sad. They have NOTHING.

I am interested. I found it by using a screener. Seems attractive.

How, this company is hopeless. Glad I got out.

So, the bottom line is:
1. Alam Maritim is NOT issuing any warrants. Borneo Oil is.
2. There is NO new contract or project for AM.
3. Creditor meeting is scheduled. If 25% of creditors do not agree to 'haircut of the debt' the company will be wound up and shares become worthless. Creditors will divide assets of the company between themselves.

Well, a year has passed and nothing new here. Unusual.

The attempt to lift the price today at 10 am has failed. Maybe the trader will try again in the afternoon. He bought about 60% of shares on offer and stopped. My guess is he expected sell orders to be canceled, but there is still 5 million available.

Buying has stopped as of today and Alam is trading at 3.5 sen.
So in my opinion 4 sen is in fact a ceiling, not a support. Counter never went past 4. Contratulations to those who sold at 4. I managed to sell small amount in pre-market.

Reach the very bottom near term. And bounce off it.

This counter has a potential to deliver profit to all of us long in the game to greater extent than the darlings like Yinson, but it will likely take longer and be less profitable than we hoped for.

There is NO strong buying. I see that one trader got about 100 mln shares at 3 to 3.5 sen. Now he tries to unload it at 4 sen. The problem is that there is no catalyst for price increase, except his buying.
Creditor Meeting is not a positive. It is a sign of distress. Most investors prefer companies without wind up petitions in the courts and without PN17 classification.

Or maybe they are disposing, as much as they can without breaking the market.

Earnings are NOT a factor for company in distress about to be delisted from bursa. They need any of below to prevent it:
• Settlement of debts with creditors
• Reduction of capital to cancel accumulated losses
• Onboarding of new investors (white knights) via issuance of new shares
• Sale of assets
• Issuance of free warrants and right shares to retain old investors
• Establishment of an Employees Share Scheme (ESS)

Situation is clear now. The Syndicate has begun SELLING behind the scenes. Look at sell volume of 50 mln shares on the offer side at 0.04. A first. Out of proportion with other price sell volume.
When syndicate are done, their share disposed, only ikan bilis will be trading small share parcels between each other.

Truth is slowly coming out. The Syndicate has been SELLING behind the scenes. When they are done, their share disposed, only ikan bilis will be trading small share parcels between each other.

I believe that the syndicate will keep this counter at 4. They will collect more and then push it up to dump all they accummulated. This is not a new story.
Look at the amounts of shares that Amanahraya is dumping. Insiders have inside info ?

You can never extract all the gas.
Gas estimate subject to change.
Secondary, tertiary recovery is very expensive.
The customer base within pipeline boundary may be limited.
FLNG may cost 10 bln USD, so the process machinery alone may take production over several years.

Analyst Kong Ho Meng worked for OSK and then RHB. They sold me original Yinson investment 10 years ago. I remember they were against Armada because of ethnicity. At that time I was still naive and said I did not mind at all. Bought small portion. Now, without being racist I say OK to consider all options. I was once interviewed by chinese company that did NOT want any more chinese and wanted to be more open... so it works all ways.
But the Yinson investment worked out for me, for their credit.

Sleepy Gary reported that he has nothing to report. Now he will take a few weeks of rest thinking that anouncement of nothing is something to cover up his idleness.

Armada already missed on the expectation of acceptance test for ASV.
They also missed to deliver on the promise of contracts in the Caspian, where Greedy Gary went to find an excuse for NOT getting involved.

This seems to be the usual way with BAB. When Kraken had HSP failure we had to get information from Enuest, even though the matter was immaterial for them. Any develpment that leads to change in management I approve, as they do not care about minority shareholders being informed.

Do not get too excited. I studied Roach Energy a bit. About 50% was bought at 20 sen per share while it was trading at 5. There was hope, but did not materialize. Plans to invest. However, the counter is now at 3 sen.
We better hope all of BAB gets bought. Misc is cash rich as I checked.

Someone has to take charge as they are unable to get any project to move ahead. Yinson would be the best, but even Misc is better.

Looks like syndicate will finish the job on this counter soon. Big fish are still around here, but not biting any more. White Elephant Barge NOT sold. Deleum, Icon and Sapura Energy, similar counters are down. Only small fish still trying this one. But you can see the shark circling for more fish to come before feeding.
Today buy volume decreased from 9 to 3 million. Not a good sign.

Syndicate nearly done here. Stock accumulated. Price walked up. Time to distribute more shares to the retail public now. And then comes the RUG PULL. Retailers finds out all of the sudden that they are alone buying from other minority shareholders while Big Boys left without a trace. 198 mln buy will be all gone too.

I share your frustration. We are excited about the price moves up and down, like today, but there is no project to discuss. And there has not been any for 8 years.
Even if they get one by some miracle, there will be 8 year gap in earnings growth in the future, so I see a lot of sense in your decision.

Maybe they will go green by mothballing carbon producing assets to achieve carbon zero certification ?

I am back to have another look at it after one year. Maybe this time. We will get to know each other.
So far looks promising compared to PN17 counters in Oil and Gas. But this skyhigh P/E ratio ...

The shark comes to eat small fish. The stock price returns faster than you could imagine to the level before the gossip and accummulation started. And then rug pull happens, when iquidity suddenly disappears.

Looks like syndicate will finish the job on this counter soon. Big fish are still around here, but not biting any more. Gossip that alam selling ships – what else is new? Deleum, Icon and Sapura Energy down. Only small fish still trying this one a bit. But you can see the shark circling for more fish to come before feeding. Once big fish runs away shark will come in for big feeding.

Last week action was weak indicating syndicate collecting for news release (?) and I anticipate a spurt. Also average chart signal crossess which are very bullish.
In any case, price target is RM 0.84 based on the latest crude oil futures.

There is no court case, only arbitration. And once this fails to reach an agreement, Enquest can drag it through the courts for years. Barakah will be long wound up by creditors before trial or appeal is set. Company may not survive for long enough to benefit from it.

Based on Bumi Armada lack of ability to execute, they should be taken over by Yinson. I remember when Yinson was a bus company in Johor (Logistics) and they bought one asset. At that time Armada was a big player. Now Armada has zero projects and Yinson is the star of the industry. Yinson could get a sukuk to take over Armada and shareholders would be better off.

I still stand by my opinion of last week here.
-----------------------------------------------
Robert Waters
Take it from a guy who spent 3 years in Kazakhstan, both offshore and onshore. All the projects I saw were failing as the locals were simply too corrupt even for Italians to handle them. And it takes a lot to outdo Italians in corruption.
They had good coffee though, I admit.

1 week ago

I want to say that as disappointed as I am with Bumi Armada, the management of R0ach Energy Berhad has the absolute world record in incompetence and mismanagement. Those guys are clowns of ignorance beyond belief. They have a company like hibiscus, but they crash it down to RM 0.03. In comparison, Greedy Gary is OK.

Come to think about it, R0ach may be a good investment. If someone wants to spend money with me, we can join other forum. Management has been changed recently. But Kazakhstan ...

This is a beautiful city. I stayed there for a few weeks. Hope that they prop Greedy Gary up before the meetings like they do for Biden before the debate. Those old 'fat cats' need a lot of maintenance, preferring to sleep on warm fireplace and eat ice cream. Greedy Gary is only 60++ years old, so maybe less senile and more vivacious than Biden.

Bumi Armada could NOT get a new contract even if a client slapped them across the face with it. That is what happened a year ago when Total asked them to develop Cameia, but Greedy Gary refused in order to pursue climate change and zero carbon initiatives by means of international conferences and luxury hotel junkets. So far he has zero new ESG achievement as well as he aims for carbon zero. Doing NOTHING to achieve ZERO. Carbon zero.

Todays price drop is an indication that perhaps Greedy Gary turned down contracts in the Caspian Sea for pipeline construction vessels (too much hard work) and decided to follow inclusive or green targets in the future by more woke declarations.

I bought some at 0.555, but not to push the market up. I just want to sell it and anounce here like all do that I sold off some of my position just as did all my fellow longs. Hopefully at miniscule profit.

The funny thing is I could NOT get a fill all day, then I finally bought it at 16:50 hrs in the after market / closing time. There was a huge selling wave at market. Also enormous wave of buy orders ... for the order book window dressing ?. I think it was meant to intimidate sellers (buys went from 4 to 8 mln).

Amazing action with BAB. Every minute there is a small sale. It is relentless. Someone decided to exit for sure, and we should let him do it. Just an example that goes on without any stopping.
114 09:57:20 am 0.555 0 2,300 1,192,400
113 09:56:30 am 0.555 0 2,300 1,190,100
112 09:55:42 am 0.555 0 2,200 1,187,800
111 09:54:46 am 0.555 0 2,000 1,185,600
110 09:53:12 am 0.555 0 4,000 1,183,600
109 09:53:06 am 0.555 0 2,000 1,179,600

I think there must be a reason while BAB have NOT secured a single contract in 8 years. I suspect that the Greedy Gary just does not want the risk and hassle of new project. Finds an excuse to reject it, or does not even put a real try to convince the client.
It is much easier to make vague plans of becoming green leader, or progressive by developing partnership with competitor or alternative service provider, rather than a partnership with a client. And that works for a while, until the old money runs out.

Rohank, good luck to you. Tell us where you moved.
One of the last longs to leave .... may be sign of a bottom.
They call it: CAPITULATION.

This result is nothing short of concerning in my eyes. It is revenues that make future profits and projects.
__________________________
First quarter 2025 results:
EPS: RM0.056.
Revenue: RM2.21b (down 27% from 1Q 2024).

About this Genting / Wison projet. I know the company Wison. My former colleague who interviewed me for a job few years ago went there, and it was a posting to an unknown entity. Chinese job. Bumi Armada was a big player.
Now Wison gets contract and Bumi Armada has NOTHING anounces partnerships for green initiatives without any specific project.

Or maybe someone lost patience with the management and decided NOT to hold it any more.
Why would he purposely hurt himself by keeping the stock down ?
To buy more in the future would be my guess.

Update on the efforts to sell the elephant.
Get info about the conditions of a white elephant barge ...

https://online.publuu.com/555600/1248833

Many thanks. Word of reason.

I wonder where we should be getting any news on this company. They have an office, and maybe a web page. There is life after PN17 delisting. Too bad no comments here any more.

Now, this is a good point. Nicky talking about new projects or extensions, but the real thing may be crossing the line sideways with resistance trend. Oh my.

Where is the contrarian when you need one ?

So, what is the take on this stock ? Caught my attention recently. Near all time high, I notice.
I guess using chinese management to improve project in Kazakhstan is not always working out. Still lossess are adding up.
What is the case to buy it ?