KUALA LUMPUR: Shares in Icon Offshore Bhd tumbled more than 29% in early trade Tuesday after the company announced cash call and converts debt into equity.
The offshore support vessel, fell over 29.41%, or 2.5 sen to six sen. It is the third most active counter with 21.9 million shares traded.
Icon is making a cash call to raise up to RM250mil fresh capital and to restructure RM370.66mil of debt, partly by issue of new shares.
Its single largest shareholder Ekuinas Nasional Bhd, which holds its 42.3% stake through Hallmark Odyssey Sdn Bhd, is committed to subscribe up to RM183mil of the proposed rights issue that is sweetened by free warrants.
The commitment of RM183mil is equivalent to 73.2% of RM250mil intended to be raised.
Its second shareholder is Urusharta Jamaah Sdn Bhd, a wholly-owned unit of Ministry of Finance, holding an 8.8% stake.
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