Shareholders Approve Icon Offshore's Cash Call, Debt Restructuring Plans

Icon Offshore Bhd has received the nod from its shareholders to move forward with its debt restructuring and cash call proposal, which will greatly help reduce the debt burden that has eaten into the company's earnings, The Edge reported. Icon's second largest shareholder, Urusharta Jamaah Sdn Bhd, which owns an 8.8% stake in the group, indicated at the group's extraordinary general meeting (EGM) today to support the cash call to raise up to RM250 million, the bulk of which will be used to reduce the group's debt and gearing. This is on top of the undertaking by Icon's 42.3% shareholder Hallmark Odyssey Sdn Bhd, which is owned by Ekuiti Nasional Bhd. Icon also plans to secure an underwriting of some RM67 million for its rights issue. Read more