Join our crew and become one of the 110,491 members that receive our newsletter.

Malaysia’s Icon Offshore Plans Estimated $150 Million IPO

Malaysia’s Icon Offshore Plans Estimated $150 Million IPO

Reuters
Total Views: 7
March 27, 2014

reuters logoKUALA LUMPUR, March 27 (Reuters) – Malaysia’s Icon Offshore Bhd, whose ships offer support services to oil platforms, aims to list on the Kuala Lumpur Stock Exchange by selling shares bankers estimate to be worth $150 million.

The offshore support vessel company plans to add to its fleet of 32 ships and repay debt using funds raised through the initial public offering (IPO), which bankers expect to take place in the second quarter of this year.

Icon plans sell up to 510.6 million shares – 324.7 million to domestic and foreign institutional investors, 135.3 million to indigenous “Bumiputra” institutional investors, and 50.6 million to individual investors, showed a draft prospectus filed late on Wednesday.

Bumiputra are ethnic Malays and other indigenous people in Malaysia who receive preferential treatment in business, housing and education under a decades-old government policy.

BNP Paribas, Credit Suisse and Maybank are joint global co-ordinators for Icon’s IPO. (Reporting by Yantoultra Ngui; Editing by Christopher Cushing)

(c) 2014 Thomson Reuters, All Rights Reserved

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 110,491 members delivered daily straight to your inbox.