KUALA LUMPUR (Jan 3): Yayasan Pelaburan Bumiputra (YPB), the parent of fund management company Pelaburan Nasional Bhd (PNB), has now taken over the 5.02% substantial stake that Yayasan Ekuiti Nasional (YEN) held in offshore support vessel firm Icon Offshore Bhd (KL:ICON) via Ekuiti Nasional Bhd (Ekuinas).

This is because ownership of Ekuinas has now been placed under YPB, following the consolidation of Bumiputera-focused investment institutions into YPB — a move announced under Budget 2024 — to strengthen the development of Bumiputera businesses.

YPB was set up by the Malaysian government in 1978 to encourage Bumiputera ownership of share capital, eradicate poverty, and break the association between race and economic roles. It subsequently set up PNB as a vehicle to further Bumiputera economic participation.

Hence, YEN is no longer a substantial shareholder of Icon Offshore following its “cessation as a substantial shareholder in Ekuinas Capital Sdn Bhd”, while YPB has become a substantial shareholder due to Ekuinas Capital being its wholly owned unit, Icon Offshore's latest filing showed.

Ekuinas Capital is Ekuinas’ designated fund capital company and its wholly owned subsidiary Hallmark Odyssey Sdn Bhd owns 31.3 million shares or a 5.02% stake in Icon Offshore.

Icon Offshore’s largest shareholder is Lim Han Weng with 56.67%. Lim is also Yinson Holdings Bhd’s (KL:YINSON) largest shareholder, with a 24.49% stake.

Shares in Icon Offshore ended one sen or 1% higher at RM1.01 on Friday, valuing the group at RM629.85 million.