KUALA LUMPUR, Feb 13 — Icon Offshore Bhd, one of the largest owners and operators of offshore support vessels (OSVs), announced that its rights issue was oversubscribed by 19.87 per cent of the maximum intended gross proceeds of RM247.21 million.
In a statement, the company said the rights issue was also oversubscribed by 61.93 per cent of the minimum intended gross proceeds of RM183.00 million, underscoring the strong and full support from its shareholders.
“The rights issue is an important element of the company’s debt restructuring exercise, which will enable the company to complete the overall debt restructuring exercise before the end of the first quarter of financial year 2020,” said managing director Datuk Seri Hadian Hashim.
He also said that the funds raised will be used to pare down the debt as well as for working capital and capital expenditure (capex) for future growth. — Bernama
