Posted by tkl88 > 2019-10-08 14:28 | Report Abuse

Countdown 3 days to 11/10/2019 (Friday)'s super prosperous 2020 budget !
Huat ah ! Heng ah ! Ong ah !

Posted by tkl88 > 2019-10-09 09:45 | Report Abuse

Countdown 2 days to 11/10/2019 (Friday)'s super prosperous budget 2020 !
Huat ah ! Heng ah ! Ong ah !

Posted by 687423 > 2019-10-09 12:25 | Report Abuse

Ai kong soon......no hope

Posted by HuatlaiOnglai > 2019-10-09 17:14 | Report Abuse

Loaded at 0.004 cent. Picture!!!

Posted by tkl88 > 2019-10-10 10:12 | Report Abuse

Good news for KLSE and Malaysia's economy with budget 2020...
Like that our KLSE will spike up to break above 1,800 points ~ 2,000 points after budget i.e year 2000 onwards !

Mega project boost for budget Thursday, 10 Oct 2019
www.thestar.com.my/business/business-news/2019/10/10/mega-project-boost-for-budget

Posted by Mabel > 2019-10-11 00:36 | Report Abuse

Huat arrrrr

Posted by tkl88 > 2019-10-12 15:14 | Report Abuse

Donald Trump announces truce in China-US trade war after two days of talks with Chinese negotiator

www.abc.net.au/news/2019-10-12/donald-trump-calls-truce-china-us-trade-war/11596668

Posted by AbuDurrah > 2019-10-15 13:07 | Report Abuse

aiyaaa

Posted by thesteward > 2019-10-16 08:16 | Report Abuse

@mabel you think icon is good ? Txs

Posted by Mabel > 2019-10-17 00:08 | Report Abuse

@thesteward @mabel you think icon is good ? Txs

Yes Steward...

Sharing my adventure in the energy sectors..

Energy- U SAPNRG
Energy- U Armada
Energy- U Velesto
Energy- U ICON
Energy - M Alam M
Energy-M Barakah
Energy-D KNM
Energy-D SERBA DINAMIK
Energy-D T7 GLOBAL

U stands for Upstream business, M stand for Middle Stream business and D stand for Down Stream business. So basically my portfolio covers the whole value chain from Exploration in the upstream to distribution in the down stream business..

ICON has good backing from shareholders. So it's quite a safe bet.

What I do is to categorize my portfolio into 3 categories to priorities my engagements:
1. Buy and Engage - short to mid term
2. Buy and Hold - mid to long term
3. Buy and Forget - long term

ICON is under Category 3.

Lastly but not least, it's dirt cheap to capitalize on O&G Rally...

Cheers!

Posted by thesteward > 2019-10-17 07:10 | Report Abuse

Tq Mabel !

Posted by pamie > 2019-10-18 16:03 | Report Abuse

Fuh. turun sampai 3.5sen hari ni. Rendahnya

Posted by Mabel > 2019-10-18 17:42 | Report Abuse

It's an opportunity to collect...

Posted by snwong13 > 2019-10-19 19:54 | Report Abuse

.
Yes, agreed!
High time to collect some.
Why not? Count on shareholders.
Once recover, we will see a HUGE gain!

Posted by 5354_ > 2019-10-19 20:53 | Report Abuse

PH lousy? Govn own so much yet let drop so much?

Posted by snwong13 > Oct 1, 2019 6:19 PM | Report Abuse
.
Ekuinas Holding 42.3% stake!
See who can tahan longer?
Too low to resist!
They want their money back, so do remaining ICON investors.
https://www.theedgemarkets.com/article/ekuinas-hopes-icon-offshore-rec...

Posted by Bustardsharwmaker > 2019-10-20 15:06 | Report Abuse

Gone , Icon retructure 5:1,
Right issue 1:1

Posted by pamie > 2019-10-21 08:55 | Report Abuse

No news or Bursa circulation with regards to restructure or right issue.

Posted by Oil_n_Gas > 2019-10-21 11:49 | Report Abuse

So many contracts win past 3 months is bad news? Which operators pushing down?

Posted by sylvester89 > 2019-10-21 17:29 | Report Abuse

Icon company will declare suspend at bursa soon because all the contract they get is totally fake..... plus Malaysia market down this company will be in deepshit soon.

Posted by Daily8 > 2019-10-21 22:38 | Report Abuse

this company is serious trouble

Posted by snwong13 > 2019-10-22 08:00 | Report Abuse

.
No worry, as Mabel well said. Buy and Forget!
I count on shareholders!

Posted by Mabel > 2019-10-23 11:04 | Report Abuse

Indeed..this counter is not for anyone...you need to have cash to hold....just buy and forget..this is for long term play..

Icon Offshore Bhd has secured a RM36.0 mln contract from Petronas Carigali Sdn Bhd to provide an offshore support vessel for petroleum arrangement contractors’ production operation. The contract has a firm period of 695 days, expiring on 1st August 2021, with an extension option of one year-plus-one year. (The Edge Daily)

ICON has good backing from shareholders. So it's quite a safe bet. The shareholders can bring in continue order

See you at RM 0.10...

Posted by Younglearner > 2019-10-30 10:55 | Report Abuse

@mabel, do icon confirm restructure 50 to 1?

Posted by damansaraeagle > 2019-10-31 08:40 | Report Abuse

strong

Posted by tkl88 > 2019-10-31 10:01 | Report Abuse

Fed cuts interest rates, but indicates a pause is ahead.
https://www.cnbc.com/2019/10/30/fed-decision-interest-rates-cut.html

Wow, US cuts interest rate again, like that Malaysia will follow soon !
Lower interest rate is good for stock market and all other sector to become bullish and prosperous !

Huat ah ! Heng ah ! Ong ah !

Posted by GG7448 > 2019-10-31 17:59 | Report Abuse

zzzz counter .....

Posted by Mabel > 2019-11-01 17:41 | Report Abuse

Zzz...can go up means people are collecting..

Posted by Undi_BN > 2019-11-04 11:31 | Report Abuse

PH is worse. Vote back BN on 16th Nov to teach them a lesson.

Posted by tkl88 > 2019-11-08 09:39 |

Post removed.Why?

Posted by GG7448 > 2019-11-09 13:34 | Report Abuse

Everyone, what is your opinions on the up coming multiple proposals especially on the consolidation of shares

Posted by Mabel > 2019-11-10 07:15 | Report Abuse

All I know it's very positive. Maybank revised its TP 0.09.

So current price is a bargain.

Just buy and forget..

Cheers

Posted by Mabel > 2019-11-11 11:03 | Report Abuse

@GG7448 Everyone, what is your opinions on the up coming multiple proposals especially on the consolidation of shares
09/11/2019 1:34 PM

Let me give you a good example of Lafarge.

LAFARGE CEMENT WAS SOLD AT 66 SEN SOMETIME AGO

THE COMPANY DID THIS EXERCISE BY MERGING LAFARGE 10 INTO 3 WITH A CASH PAYOUT OF 20 SEN

SO 66 x 10 = RM6.60

6.60 - 20 sen = RM6.40

RM6.40 divided by 3 = RM2.13

LAFARGE THEN POWERED UP TO BECOME A BLUE CHIP!

I MANAGED TO SELL IT AT RM 3.75 WHEN YTL CEMENTS BOUGHT OVER LAFARGE EARLY THIS YEAR

CHEERS!

Posted by Mabel > 2019-11-11 11:10 | Report Abuse

Hence this is a good time to accumulate ...

Cheers!

Posted by Mabel > 2019-11-13 11:51 | Report Abuse

@monetary The issue price of the Rights Shares is expected to be priced at a discount of no more
than 40% to the TERP of Icon Shares based on the 5-Market Day VWAMP immediately
preceding the price-fixing date.

Capt Mabel. Sure icon won't b another Sap?
13/11/2019 8:43 AM

monetary,

I believe Sap it highly political counter. It's infested with Sharks and IDSS...

I believe it's less likely here.

Cheers!.

Posted by IconForever > 2019-11-14 10:16 | Report Abuse

Nobody from i3 will attend EGM?

Posted by IconForever > 2019-11-14 10:17 | Report Abuse

EGM resolution no 1 nobody think must reject?

Posted by 5354_ > 2019-11-14 11:54 | Report Abuse

Govt to borne RM10.3bil in Tabung Haji's rescue and restructuring plan

Read more at https://www.thestar.com.my/news/nation/2019/11/14/govt-to-borne-rm103bil-in-tabung-haji039s-rescue-and-restructuring-plan#DAlyoPzGBZuxDwTg.99

Posted by HuatlaiOnglai > 2019-11-16 14:08 | Report Abuse

Share price movement would depend on the EGM outcome.

Posted by tkl88 > 2019-11-18 10:20 | Report Abuse

GENERAL MEETINGS: Notice of Meeting
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6335613
Type of Meeting: Extraordinary General Meeting (EGM)
Date of Meeting: 26 Nov 2019
Venue: Ballroom 1, Level 1, Corus Hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala Lumpur, Wilayah Persekutuan

Posted by tkl88 > 2019-11-18 10:22 | Report Abuse

ICON OFFSHORE BERHAD - Circular/Notice to Shareholders
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6335921
http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=197613&name=EA_DS_ATTACHMENTS

PART A
------------
I) THE PROPOSED SHARE CONSOLIDATION (AS DEFINED HEREIN);
(II) THE PROPOSED RIGHTS ISSUE WITH WARRANTS (AS DEFINED HEREIN);
(III) THE PROPOSED EXEMPTION (AS DEFINED HEREIN);
(IV) IN CONJUNCTION WITH THE PROPOSED DEBT RESTRUCTURING (AS DEFINED HEREIN):
(A) THE PROPOSED ISSUANCE TO THE FINANCIERS (AS DEFINED HEREIN); AND
(B) THE PROPOSED RTL 3/CMTF-i 3 (AS DEFINED HEREIN); AND
(V) THE PROPOSED ISSUANCE TO THE CREDITOR (AS DEFINED HEREIN).

PART B
------------
INDEPENDENT ADVICE LETTER BY MERCURY SECURITIES SDN BHD IN RELATION TO THE
PROPOSED EXEMPTION

Posted by tkl88 > 2019-11-18 10:25 | Report Abuse

If the EGM outcome is =>
Reject II) THE PROPOSED SHARE CONSOLIDATION

And accept=> (III) THE PROPOSED EXEMPTION => means no SHARE CONSOLIDATION
then the share price will be suddently spike up and break above 0.10
And it probably will break above RM1.00 sooner or later !

Posted by monetary > 2019-11-18 15:37 | Report Abuse

from sap experience share price dropped to RI price immediately after RI price is fixed. Hope not happening.

Posted by Mabel > 2019-11-19 12:54 | Report Abuse

Yesterday I attended my Tier 1 Battleship Serba Dinamik AGM Meeting, We have approved the 3 Proposal by Serba’s Board. It was a unanimous 100% Vote. Based on this Electronic Voting approval, implementation of Share Split and Bonus Issues will be completed by this Early December while the Free Warrant will be completed by Mid-December.

For this one I agree with tk88, we should reject THE PROPOSED SHARE CONSOLIDATION

Posted by monetary > 2019-11-20 12:19 | Report Abuse

Perhaps it's Icon's turn to move after Alam.

Posted by GG7448 > 2019-11-20 12:24 | Report Abuse

16.7 mil @0.04 finished !! Up trend sign?

Posted by tkl88 > 2019-11-20 13:09 |

Post removed.Why?

Posted by xox9989 > 2019-11-20 13:15 | Report Abuse

Ekuinas navigates Icon Offshore snag
Khairie Hisyam Aliman
/
The Edge Malaysia

November 18, 2019 18:00 pm +08

This article first appeared in The Edge Malaysia Weekly, on November 11, 2019 - November 17, 2019.


-A+A
LAST Friday, offshore support vessel (OSV) player Icon Offshore Bhd closed at 3.5 sen — the lowest level seen since it debuted on Bursa Malaysia 5½ years ago — for 10 out of the last 15 trading days.

At 3.5 sen, Icon’s shares are now worth less than 2% of its initial public offering (IPO) price of RM1.85. The company presents a knotty challenge for its major shareholder, Ekuiti Nasional Bhd (Ekuinas).

For a private equity (PE) fund such as Ekuinas, a full exit from Icon has been overdue for several years. It previously told The Edge that its exit horizon is typically three to five years — this month marks the seventh year since its investment clock on Icon began.

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A PE fund typically does not hold an investment beyond its exit horizon. Ekuinas calculates its investment performance based on internal rate of return, which declines the longer an investment is held on to.

Icon has been loss-making for four out of the past six full financial years. It is also undertaking a cash call that will see Ekuinas pump a further RM183 million into the company, on top of the RM435.9 million already invested since 2012.

When asked on its exit strategy for Icon, Ekuinas tells The Edge that it is important to recognise the turbulent oil and gas environment since 2014 as crude oil prices plunged from record highs.

“Icon has been focused on maintaining capital discipline and productivity improvements. The strategy continues to be so moving forward,” says Ekuinas.

“The focus for Icon Offshore is to strengthen its balance sheet as it will enable the company to capitalise on the industry recovery and be on the path to profitability. As an investor and board representative, we continue to support Icon,” it adds.

To be fair, the announcement of the proposed rights issue in August also contributed to the counter tumbling to record lows.

To recap, Icon proposed to consolidate its outstanding shares by a factor of 50 to 1 while issuing rights on a 60-to-1 basis with free warrants. It seeks to raise up to RM250 million. Ekuinas has already committed to subscribe for the exercise for RM183 million.

The proceeds will be used to restructure RM577.1 million of Icon’s RM650.51 million debt. If successful, it expects total debt to reduce by 36% to RM412.99 million. Part of the restructuring involves issuing new shares plus free detachable warrants worth RM172 million to one creditor as settlement.

The exercises are part of its Corporate Debt Restructuring Committee (CDRC) scheme that aims to reduce gearing from 9.16 times to 1.14 times.

On Nov 8, the company said shareholders will vote on the proposal in an extraordinary general meeting scheduled for Nov 26.

Ekuinas is Icon’s single largest shareholder with a 42.28% stake, held via Hallmark Odyssey Sdn Bhd. Other shareholders include Minister of Finance Inc vehicle, Urusharta Jamaah Sdn Bhd, with an 8.8% stake and the Employees Provident Fund with 4.01%.

While it has invested RM435.9 million in Icon since 2012 and will put in another RM183 million via the rights issue, Ekuinas did recoup some of its investment via the IPO back in June 2014.

For the IPO, Ekuinas sold a total of 283.02 million shares. At the IPO price of RM1.85, the gross proceeds to the fund would have been RM523.6 million.

Back in January 2017, the PE fund, which ultimately reports to the government, did try to inject its Icon stake into a proposed tripartite merger that included another investment called Orkim Sdn Bhd and what was then UMW Oil & Gas Bhd (UMWOG).

Ekuinas owns 95.5% in Orkim, which ships clean petroleum products. UMWOG has since been renamed Velesto Energy Bhd.

The proposal had aimed to create an integrated offshore service provider with exposure to both upstream and downstream businesses. However, it fell through in May 2017 as the stakeholders found that the expected merger benefits fell short of expectations.

It is worth noting that the proposed merger had valued Icon at 50 sen per share or RM588.6 million. A successful merger would have enabled Ekuinas to reset its investment clock for Icon.

At its close of 3.5 sen last Friday, Icon was worth RM41 million in market capitalisation.

The valuation belies its position as among the largest OSV players in Southeast Asia in terms of fleet size, according to its annual report. It had 32 vessels across six types as at Dec 31 last year, of which 19 were anchor handling tug supply vessels. According to Maybank Investment Bank Research, the average vessel age is 10 years.

Part 1.

Posted by xox9989 > 2019-11-20 13:15 | Report Abuse

In the six-month period to June 30 (1HFY2019), Icon reported a net loss of RM11.45 million (1HFY2018: RM13.3 million net loss) on revenue of RM91.91 million (1HFY2018: RM101.24 million). The company attributed the performance to a higher number of vessels in drydocking, leading to lower utilisation.

In FY2018, Icon recorded a net loss of RM449 million on revenue of RM199.7 million, its biggest full-year loss amid record low revenue.

Of the total FY2018 net loss, RM419.9 million was from a non-cash net impairment of its fleet’s net book value. Its annual report states that the impairment was recognised as oil and gas market conditions had remained difficult.

According to Icon, the impairment was determined after an independent valuation process that considered the fair market value of its vessels less the cost to sell them, which was set at 1% of vessel value.

“The recoverable amount of vessels determined based on fair value less cost of disposal is RM208,260,360, which is RM379,073,334 lower than their carrying amount of RM587,333,694,” Icon says in its annual report.

That said, in a Sept 3 report, Maybank IB Research noted that Icon was operationally in the black but was hit by higher-than-expected taxes. At the time, Icon was trading at around five sen.

“Excluding the impact of the deferred taxes, Icon registered a core pre-tax profit of RM5 million in 2Q2019 after six consecutive quarterly losses on improved OSV utilisation,” says Maybank.

“Coupled with an improving operating outlook, the recent weakness in share price post its restructuring plan is an opportunity to buy. Hence, we upgrade Icon to a ‘buy’, on an unchanged target price of 8.5 sen.”

In August, Icon named Datuk Seri Hadian Hashim as its new managing director, effective Sept 3.

Hadian was the founder of Sona Petroleum Bhd, a special-purpose acquisition company that was ultimately unsuccessful. It will be interesting to watch how Icon performs with his appointment.

Part 2.

Posted by xox9989 > 2019-11-20 13:17 | Report Abuse

Maybank call Buy with target price 8.5sen !

Posted by monetary > 2019-11-20 14:58 | Report Abuse

rule of thumb. if all its peers run up it's likely to run up too. just close eyes n buy some.