tkl88. The major shareholders want to b exampted from the proposal. Yes. V likely the proposal doesn't go through. I just wonder how icon can survive without the cash call. Hoping for gov agencies to rescue? Pls advice.
Anyone can share the Maybank report with the target of 9 Sen for Icon . Lately Icon secures a few projects . Last quarter if not due to taxation Icon actually posted positive result
surged on Friday after the company secured RM275mil oil and gas contracts.
The counter surged 21.74%, or 2.5 sen to 14 sen. It is the second most actively traded counter saw 29 million shares done.
Icon Offshore has bagged contracts valued at RM275mil from oil and gas (O&G) companies to provide offshore support vessels (OSVs) for their production operations in Malaysian waters.
Icon said the contracts were clinched via its wholly-owned subsidiary Icon Offshore Group Sdn Bhd (IOGSB).
The long term contracts are for a primary period of three years, with an extension option of up to two years of one year each, it added.
Icon Offshore said the options would only be exercised at the end of the firm period, upon approvals obtained from Petronas Carigali Sdn Bhd and the O&G companies.
It expects these contracts to contribute positively to the group’s earnings, order book and net assets for the financial year ending December 31, 2018 and beyond.
“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.
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monetary
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Posted by monetary > 2019-11-20 15:01 | Report Abuse
every 50k shares need to subscribe $10k for RI assuming co raise 250mil