Takeover of Icon on hold, resistance from minority shareholders

According to sources, the proponents of the deal are unsure if shareholders

PETALING JAYA: UMW Oil & Gas Corp Bhd’s (UMW-OG) proposed takeover of Icon Offshore Bhd and Orkim Sdn Bhd is on hold.

According to sources, the proponents of the deal are unsure if shareholders’ approval can be obtained to see through the multi-billion-ringgit transaction that is said to be backed by UMW-OG’s major shareholder Permodalan Nasional Bhd (PNB) and Ekuiti Nasional Bhd (Ekuinas), which owns major stakes in both Icon and Orkim.