Hot Stock Icon rises 7.7% after securing RM55m vessel contracts

by **Cals** Wed 15 Jul 2015, 21:13

Hot Stock
Icon rises 7.7% after securing RM55m vessel contracts

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By Supriya Surendran / theedgemarkets.com | July 15, 2015 : 11:23 AM MYT

KUALA LUMPUR (July 15): [size=14]Icon Offshore Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose as much as 3 sen or 7.7% this morning to 42 sen, on news the pure play offshore support vessel provider had secured two long term contracts worth RM55 million from an oil major to supply two anchor handling tug/supply vessels (AHTs).

Icon Offshore shares sank by 78.9% to an all time low of 39 sen yesterday, since its initial public offering on June 25, 2014 when it was issued at RM1.85, and the group had lost some RM1.717 billion in market capitalisation to date.

The group, which is 42.2% owned by Ekuiti Nasional Bhd, had an eventful year with its chief executive officer Dr Jamal Yusof and his brother, Icon chief operating officer Rahman Yusof, being hauled up by the Malaysian Anti-Corruption Commission (MACC).

The two have been on a six month leave of absence from April 27 this year to assist the MACC in their investigations, and Jamal had in May, withdrew his offer to be re-elected as a director in Icon to focus on the investigation.

Icon deputy CEO Captain Hassan Ali has assumed leadership of the company in Jamal’s absence.

At 11 a.m, Icon shares were trading up 2 sen or 5.1% at 41 sen, with 4.25 million shares traded, giving it a market capitalisation of RM482.65 million.
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