Its single largest shareholder Ekuinas Nasional Bhd, which holds its 42.3% stake through Hallmark Odyssey Sdn Bhd, is committed to subscribe up to RM183 million of the proposed rights issue that is sweetened by free warrants, Icon Offshore said in a statement. The commitment of RM183 million is equivalent to 73.2% of RM250 million intended to be raised.
We are positive on this proposal, backed by Ekuinas (its major shareholder) to: (i) address its stretched balance sheet (de-gear); (ii) improve cashflows; and (iii) enhance its earnings turnaround by FY20. This exercise will be timely to capitalise on the revival in the OSV market and its fleet rejuvenation program. Pending completion of this exercise, our earnings and MYR0.085 TP are unchanged, based on a 10x 2020 PER; peers average.
Icon Offshore Bhd is making a cash call to raise up to RM250.0 mln fresh capital and to restructure RM370.7 mln of debt, partly by issue of new shares. Its single largest shareholder, Ekuinas Nasional Bhd, which holds a 42.3% stake, is committed to subscribe up to RM183.0 mln of the proposed rights issue that is sweetened by free warrants.
Icon Offshore will also undertake a share consolidation exercise and also restructuring its debt by executing supplemental agreements with its various lenders. (The Edge Daily)
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: Building management systems (BMS), solar thermal systems and energy-saving services provider, Solar District Cooling Bhd aims to list on the Ace Market!
MQ Trader 541 views | 3 d ago
0:17
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 12802 views | 11 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Hidup_Pak_Lah
83 posts
Posted by Hidup_Pak_Lah > 2019-07-19 10:44 | Report Abuse
15-20 sen Icon no hope under Tun M as PM? Why not Pak Lah next PM?