ICON OFFSHORE BERHAD
KLSE (MYR): ICON (5255)
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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....
rlch
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Posted by rlch > 2014-12-24 10:01 | Report Abuse
Ekuinas: No plan to sell Icon stake
Wednesday, 24 December 2014
By: WONG WEI-SHEN
PETALING JAYA: Private equity firm Ekuiti Nasional Bhd (Ekuinas) has firmly said it is holding on to its investment in oil and gas (O&G) service provider Icon Offshore Bhd.
It said in a statement that it saw its current 42.3% stake in Icon as a core holding and had no plans to divest the shares.
Ekuinas added that similar to other private equity firms, it would eventually divest its investment at the end of its horizon period, which was typically between three and five years.
It said it would only divest its stake when it believed the value of its investment had been maximised.
“Given the cyclical nature of the O&G industry, Ekuinas currently sees significant long-term value in Icon and is committed to supporting the company to judiciously grow the business further and strengthen its position as the largest pure play offshore support vessel (OSV) company in the country,” it said.
StarBiz had reported yesterday that selling in Icon shares came from its promoters, namely, Ekuinas and Icon’s chief executive officer Jamal Yusof, following the end of a six-month lockup period imposed.
Ekuinas and Jamal collectively own some 52% of Icon. Ekuinas’ holding in Icon is via its unit Yayasan Ekuiti Nasional’s two entities, Sempena Focus Sdn Bhd (2.41%) and Hallmark Odyssey Sdn Bhd (42.28%). Jamal owns 5.02% of the company.
It added that it believed in the long-term potential of the O&G sector, as it was one of the core economic drivers of the economy.
Ekuinas sees the current downturn within the global O&G industry as an opportunity to invest in the sector, given the relatively low asset values prevailing in the market.
As at Monday, the stock was down 19 sen or 19.5% to 78.5 sen. Icon was the most active counter of the day, with 68.76 million shares being traded.
Yesterday, Icon shares shed a further four sen to 74.5 sen, with 61.9 million shares being done. At its current share price level, it is almost 60% lower than its initial public offering (IPO) price of RM1.85.
Ekuinas successfully listed Icon, one of its investee companies, on June 24, 2014, selling a 44% stake at 24 times price earnings ratio. This is based on its IPO price of RM1.85 and earnings per share of 7.61 sen last year.
For the third quarter ended Sept 30, 2014, Icon’s net profit was down 16.89% to RM18.95mil on the back of a 22.7% decrease in revenue to RM79.75mil.
According to an Infield Systems report, Icon is the largest pure play OSV provider in Malaysia and one of the largest in South-East Asia by fleet size.
It owns and operates 32 Malaysian-flagged vessels and has one of the youngest vessel fleets in the region, with an average age profile of five years, against South-East Asia’s industry age average of 11 years.