Icon Offshore Makes Cash Call and Converts Debt Into Equity

Offshore support vessel (OSV) operator Icon Offshore Bhd is making a cash call to raise up to RM250 million fresh capital and to restructure RM370.66 million of debt, partly by issue of new shares, The Edge reported. 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. Its second shareholder is Urusharta Jamaah Sdn Bhd, a wholly-owned unit of Ministry of Finance, holding an 8.8% stake. To pave way for the rights issue, Icon Offshore, which share price is trading below 10 sen, will also undertake a share consolidation exercise, according to its filing with Bursa Malaysia this evening. Read more