This is largely due to the company’s tie-up with Petronas – its hydrocarbon arm, Petronas Carigali, is ICON’s primary client and accounted for 71.7% of total revenues in 2013. Another major client is UMW Oil & Gas.
my friend MC88 and yapts please don't underestimate MACC. This issue has disrupted the marine industry in the oil and gas and I am sorry for the rest of the industry players. the truth will surface.
Ongmarine I think u should give yourself a slap in the face. It's time to wake up. Let MACC do their job but eventually it's all clean. SC has done their due diligence and Icon have already answered numerous MACC inquiries.
i wonder if the MACC remand (first of its kind i think for corporate leaders) has links to the persistent selling by the CEO... and also other directors? The CEO seems to know something that we dont (which is quite obvious)... even if MACC clears them, the question of the selloff still needs an answer. Share is trading at 8.24 PE... very attractive.
Ekuinas bought Omni for RM220.9mil and Tanjung Offshore’s marine vessel arm for RM220mil cash. After the merger, Ekuinas listed Icon Offshore on the Main Market of Bursa last June at an initial public offering (IPO) price of RM1.85 per share, giving it a market cap of RM2.18bil. Market cap now only RM700M.
Ekuinas so clever, bought at RM440 Million and then made IPO RM2.18 Billion, crazy man...........
frankly speaking, this CEO previously is Tanjung Offshore’s marine vessel arm ex-CEO. He already jack-up the asset price before sell to Ekuinas. Somemore another jack-up when equikas do an IPO
methinks there is a massive 'ass-covering' that goes back all the way to IPO.Too early to say if 2 guys are scapegoats only or not! jolie2 seems pretty close!
Me tend to agree with rich. Tomorrow maybe business as usual. No need to heed to all these emotional feelings.. which tend to favour the market makers..
Icon Offshore said it is not aware of the "details of the nature of the investigations or their status". It assured the market regulator though that the remand would not have any financial and operational impact on the company.
"We do not expect the remand to have any financial or operational impact to the group as our deputy CEO, Captain Hassan Ali continues to be responsible for the day-to-day management of our company as well as the coordination of the administrative and business activities of our group," it told Bursa Malaysia yesterday.
It said that Hassan has assumed the functions of the CEO effectively from April 22, 2015, in addition to his existing responsibilities.
"In light of the development, our company has engaged our stakeholders, namely our customers and lenders to appraise them of the matter and at the same time, provide assurance to our stakeholders that it is business as usual for our group under the stewardship of our deputy CEO," the company said.
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Posted by Timie > 2015-04-23 17:04 | Report Abuse
'Protected species'. Hahaha...