Maybank IB ends stabilising action for Icon Offshore

KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) has ceased to be the stabilising manager for Icon Offshore Bhd's shares with effect from Thursday.

Maybank IB, the stabilising manager for the listing of Icon Offshore's shares on the Main Market of Bursa Malaysia Securities, said it had bought 43.67 million shares during the stabilising period between June 25 and July 24.

"We have undertaken stabilising actions where a total of 43.67 million shares were purchased at a price range of between RM1.80 per share and RM1.85 per share. The last purchase was made on July 24 at a price of RM1.80," it said.

Maybank IB also said BNP Paribas Malaysia Bhd, Credit Suisse (Singapore) Ltd, Hong Leong Investment Bank Bhd, Maybank IB and RHB Investment Bank Bhd, being the Placement Managers for the IPO had over-allotted 76.61 million shares to the institutional investors.

"On July 24 (Thursday), Maybank IB as the stabilising manager, on behalf of the placement managers, had exercised the over-allotment option for a total of 32.94 million shares granted by Hallmark Odyssey Sdn Bhd over the entire 76.61 million shares," it said.

Maybank IB added the total purchases of 43.67 million shares under the price stabilising action and the exercise of the over allotment option for 32.94 million over-allotted shares cover the 76.61 million over allotted Shares.

It added shares purchased under the price stabilisation action and the proceeds from the sale of the over-allotted shares would be returned to the over-allotment option provider.

Icon closed down three sen to RM1.80 on Thursday.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Trading ideas: Hap Seng, Pavilion REIT, VS Industry, Eco World International, Uzma, Trive, KYM and SCIB
Race Capital forging ahead despite SVB chaos
Asia banks may face difficulty bolstering capital via AT1s
Hanoi set to implement global tax structures
Appliance brands grow by manufacturing abroad
Nick Leeson re-emerges as a fraud investigator
How realistic is a hydrogen-powered economy?
MPOC to support efforts of smallholders
Global uncertainties continue to weigh on sentiment

Others Also Read