Ekuinas divests 50.2% stake in Icon for RM172.7mil

TheStar Tue, Mar 26, 2024 09:08pm - 1 month View Original


KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas), via its special purpose vehicle, has divested a 50.2 per cent equity stake in Icon Offshore Bhd to Liannex Maritime Sdn Bhd for RM172.7 million.

This will consequently result in a mandatory takeover offer, Ekuinas said in a statement.

Ekuinas said that following a debt restructuring exercise in 2018, it reinvested in ICON to ensure the continued sustainability of its business.

At the end of the financial year 2023 (FY2023), ICON completed a capital reduction and share consolidation exercise, effectively eliminating its retained losses and consolidating its shares by a factor of five times.

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