KUALA LUMPUR (Jan 27): Icon Offshore Bhd (KL:ICON) has received the nod from its shareholders to change its name to Lianson Fleet Group Bhd, along with the RM403.5 million acquisition of equity stakes in vessel operating companies, including from its largest shareholder Liannex Corp.
The group received over 99% acceptance from eligible shareholders for the proposed acquisitions, including 100% in Liannex Pte Ltd from Liannex for RM182 million; 51% in Yinson Power Marine Sdn Bhd from Lim Han Weng for RM18 million; 70% in Regulus Offshore Sdn Bhd from Yinson Offshore Services Sdn Bhd for RM136 million and 100% in Yinson Camellia Sdn Bhd also from Yinson Offshore Services for RM24 million.
Lim Han Weng is the controlling shareholder of Liannex, which in turn owns a 56.67% indirect stake in Icon Offshore. Lim is also the largest shareholder in Yinson Holdings Bhd (KL:YINSON) with a 22.08% indirect and 1.44% direct stake.
The group is also acquiring a 49% stake in Icon Bahtera (B) Sdn Bhd and 3.01 million non-convertible redeemable preference shares in the Bruneian company from Zell Transportation Sdn Bhd for RM33.7 million from Siti Nurul Hameezah Awang and Siti Salina Masri.
It is also acquiring a 15% stake in Icon Waja (L) Inc from Zell Transportation for a purchase consideration of RM9.8 million. Icon Bahtera and Icon Waja each own one accommodation workboat.
The acquisition will be satisfied via issuance of new Icon Offshore shares at an issue price of 88 sen apiece, totalling 458.52 million shares or 42.37% of the enlarged share capital in the vessel operator, based on its existing share capital of 623.61 million issued shares.
The acquisitions will add 40 more vessels to the group and expand the group’s marine asset exposure from its current portfolio of offshore support vessels (OSVs) catering mainly to the oil and gas sector.
An earlier proposal had included a proposed acquisition of Yinson Port Ventures Pte Ltd and Yinson Premier Ltd from Lim-linked Yinson Capital Sdn Bhd for a combined RM23.9 million, which would have given Icon Offshore exposure to ports in Vietnam.
Chairman Lim Chern Wooi in a statement said the acquisition would “strategically enhance” its fleet capabilities and expand its market presence.
“By integrating these strategic assets, we are actively positioning ourselves to better serve a broader client base and reinforce our standing as a key player in the offshore marine, energy and transportation services industry,” Chern Wooi said.
Shares of Icon Offshore closed up 2.5 sen or 2.59% to 99 sen, giving the group a market capitalisation of RM614.2 million. The counter is down 1.98% this year.