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Tuesday, October 15, 2013

Icon Offshore aims to raise RM450mil from IPO


KUALA LUMPUR: Offshore support vessel (OSV) provider Icon Offshore Bhdaims to raise about RM450mil from its initial public offering (IPO), targeted for next year, to finance its fleet expansion in the next two years.
Chief executive officer Dr Jamal Yusof said that with the proceeds from the listing, the company planned to build three to five vessels to grow its business overseas, apart from paying off its debts and for working capital needs.
“We want to build modern and higher technology vessels. We want to grow our business overseas by having a larger footprint, possibly in the Middle East and also in South-East Asia,” he told Bernama in an interview at the company’s headquarters.
Currently, the company has 32 vessels and operates in Qatar, Vietnam, Thailand and Malaysia.
Jamal said the company also planned to increase human capital development through various in-house training modules.
“Ninety per cent of our crew are Malaysians and we want to develop them to be better professionals for the industry.
“We are very big on training and human capital development. You can build a nice asset but if it is not maintained very well, in three years it will seem very old,” he said.
On the progress of the IPO, he said the company was still in the midst of assessing which potential investment bank to submit its application to, as well as conducting book building and as the joint global co-ordinator.
He said the selected bank would be announced by the end of the month and that the company hoped to list on the Main Market of Bursa Malaysia by May or June next year.
On regional development, he said Icon Offshore was in talks with a party in Indonesia to form a joint venture that would tender for jobs in the country, adding that negotiations were targeted to be concluded this year.
Ranked among the top three OSV companies in Malaysia with an annual turnover of RM270mil, Icon Offshore employs almost 1,000 people. — Bernama

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