PETALING JAYA: Icon Offshore Bhd surged nearly 18% in early morning commerce on information that Yinson Holdings Bhd founder Lim Han Weng had acquired a 50.2% stake within the offshore assist vessel (OSV) supplier, triggering a compulsory normal provide (MGO) within the course of.
Icon shares jumped to a close to four-year excessive, rising 17.8% or 13 sen to an intraday excessive of 86 sen whereas its warrants rose as a lot as 28.6% to 22.5 sen.
By the shut of commerce, Icon had pared its beneficial properties to a half sen or 0.7% enhance at 73.5 sen, valuing the group at RM398 million. Its warrants ended up half-a-sen or 2.9% at 18 sen.
Yesterday, Icon introduced that Singapore-based buying and selling and logistics agency Liannex Corp (S) Pte Ltd, a personal car of Lim and his spouse Bah Kim Lian, had snapped up the 272 million shares for RM172.7 million at 63.5 sen per share from state-owned personal fairness agency Ekuiti National Bhd (Ekuinas).
The direct transaction has slashed Ekuinas’ shareholding in Icon to five.8%.
The provide value of 63.5 sen per share, which can also be the provide value for shares beneath the MGO, represents a 13% low cost to Icon’s closing value of 73 sen yesterday.
Under the MGO, Lim, through Liannex, is providing to accumulate the remaining 49.8% or 269.63 million shares it doesn’t personal in addition to all of its 130.9 million warrants at 0.1 sen apiece, an astonishing 99.5% low cost to the warrants’ excessive of twenty-two.5 sen within the morning session.
This implies that Lim must fork out RM171.3 million for the excellent shares, and simply RM130,903 for the warrants, to finish the takeover.
According to Icon’s bourse submitting yesterday, the brand new controlling shareholder intends to take care of the group’s itemizing standing.
ICON has established itself as an offshore assist vessel (OSV) supplier in Southeast Asia, primarily serving the Malaysian and Brunei coasts with its 19 lively OSVs. In FY2023, it recorded an lively utilisation charge of 75%, with an estimated order guide of over RM300 million.
In a press release yesterday, Ekuinas stated it was exiting 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 its holding interval.
Divestment a ‘win-win alternative’
Ekuinas CEO Syed Yasir Arafat Syed Abd Kadir stated 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 go the baton to a extremely credible and dedicated investor.
“With the investor’s monitor file and monetary stability within the oil and gasoline business, we contemplate 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 added.
At the top of FY2023, Icon had accomplished a capital discount and share consolidation train, successfully eliminating its retained losses and consolidating its shares by an element of 5 instances, it added.
Lim, 71, is Yinson’s group govt chairman with a 23% oblique and a 1.5% direct stake within the floating manufacturing storage and offloading vessel (FPSO) and OSV supplier.
Forbes ranks him at No 41 in Malaysia’s 50 Richest List with a internet value of US$420 million (RM1.99 billion) as of May 31, 2023.
He arrange Yinson in 1984 as a transport and buying and selling enterprise along with his spouse, Kim Lian, who’s an govt director. He took the corporate’s logistics enterprise personal in 2015 to take care of a concentrate on oil companies.
The firm has diversified into renewable vitality in 2020 and now owns solar energy vegetation in India and Peru. It can also be increasing its electrical car charging operations in Southeast Asia.
Yinson’s shares ended 3 sen or 1.3% decrease at RM2.32, giving it a market capitalisation of RM7.1 billion.
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