PETALING JAYA: Ekuiti Nasional Bhd (Ekuinas), by way of its particular goal car, Hallmark Odyssey Sdn Bhd has divested a 50.2% fairness stake in Icon Offshore Bhd to Liannex Maritime Sdn Bhd for RM172.7 million.
This will consequently consequence in a compulsory takeover provide with a suggestion worth of 63.5 sen, Ekuinas mentioned in an announcement.
The provide worth represents a 13% low cost to Icon’s closing worth of 73 sen right now.
Liannex Maritime is a wholly-owned subsidiary of Singaporean buying and selling and logistics firm Liannex Corp (S) Pte Ltd.
The government-linked personal fairness firm mentioned that following a debt restructuring train in 2018, it reinvested in Icon to make sure the continued sustainability of its enterprise.
At the top of the monetary yr 2023 (FY2023), Icon accomplished a capital discount and share consolidation train, successfully eliminating its retained losses and consolidating its shares by an element of 5 occasions.
It mentioned Ekuinas considerably exits its funding in Icon, after a holding interval of greater than 10 years, with a cumulative realised acquire of over RM500 million derived all through Ekuinas’s holding interval.
“The transaction locations Ekuinas as one of many few traders inside the oil and gasoline sector to efficiently realise its funding.
“Following the transaction, Ekuinas’s shareholding in Icon is decreased to roughly 5.8%,” it mentioned.
Ekuinas CEO Syed Yasir Arafat Syed Kadir mentioned the choice to divest its majority stake in Icon was rigorously premised on the present beneficial market situations coupled with the uncommon alternative for Ekuinas to cross the baton to a extremely credible and dedicated investor.
“With the investor’s observe file and monetary stability in the oil and gasoline trade, we think about the transaction to be a win-win alternative, mutually helpful for each Ekuinas and Icon shareholders.
“This strategic divestiture is actually a mirrored image of our dedication to maximise shareholder worth and one which leaves Icon in succesful fingers to chart their subsequent stage of development,” he mentioned.
Icon has established itself as an offshore help vessel (OSV) supplier in Malaysia and Southeast Asia. It primarily served the Malaysian and Brunei coasts and had a complete of 19 lively OSVs.
In FY2023, it recorded an lively utilisation price of 75%, with an estimated order ebook of over RM300 million.
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