KUALA LUMPUR, July 7 (Bernama) -- Shares of Main Board-bound Alam Maritim Resources Bhd (AMRB) have been classified as Syariah-compliant by the Syariah Advisory Council (SAC) of the Securities Commission in conjunction with its initial public offering exercise.

AMRB, which launched its prospectus on June 29, said in a statement Friday that it met the criteria set by SAC before its shares were classified as Syariah-compliant securities based on AMRB and its subsidiaries' latest audited financial statements for the financial year ended Dec 31, 2005.

The classification, it added, remained valid until the next Syariah compliance review is undertaken by the SAC.

According to AMRB, the compliance strengthens its assertion that the direction, formulation of policies and procedures along with the conduct of capital market transactions are in line with the Syariah guidelines.

AMRB provides marine support services to the oil and gas exploration and production sector with offshore support vessels and services which include platform supply vessels, anchor handling tugs, survey utility vessels and diving support vessels.

The company presently owns and operates a fleet of 15 vessels and is expecting delivery of one more vessel next month.