In a statement yesterday, Ekuinas CEO Syed Yasir Arafat Syed Abd Kadir(filepic) said FVG
KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) is planning to restructure Icon Offshore Bhd
’s balance sheet this year.
Ekuinas chief executive officer Syed Yasir Arafat Syed Abd Kadir said the company was not ruling out the possibility of disposing of its vessels as part of the restructuring.
“We are looking at all angles for the restructuring of Icon’s balance sheet and clearly the best option is to dispose some of the vessels. But we have to look at the market condition and at the moment, the market is quite depressed,” he told reporters at a briefing of Ekuinas’ 2017 results and the direct (Tranche I) fund closure on Tuesday.
Syed Yasir also said Ekuinas would look at the possibility of disposing its 44.69% stake in Icon.
Last year, Icon has entered into a corporate exercise involving a merger with UMW Oil & Gas Corp Bhd (UMW O&G) and Orkim Sdn Bhd, which is one of Ekuinas investee companies.
However, the proposed merger was called off because of a heavier than expected capital injection than initially thought.
Icon was among the earlier investments by Ekuinas, which was made in 2014.
The private equity firm’s investment horizon is typically between three and five years.
“With the closure of the Tranche 1 fund, we are moving four investees companies into the Tranche 3 fund.
“This would give us time to work on them,” Syed Yasir said.
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