Quick take: Icon Offshore surges 30 sen to hit limit up

  • Stock on the Move
  • Monday, 17 Feb 2020

KUALA LUMPUR: Icon Offshore Bhd saw its shares hit limit up in early trade Monday after Bursa Malaysia lifted its designated securities status on the counter.

The operators of offshore support vessels (OSVs) surged 30 sen, or 127.66% to 53.5 sen.

It is currently the third top gainer on Bursa Malaysia with a trading volume of over 4.02 million shares done.

Bursa Malaysia has lifted Icon Offshore’s designated securities status effective from today.

Bursa Malaysia said Icon’s securities will be traded on a ready basis where delivery and settlement of contracts would be conducted in accordance with the T+2 settlement cycle.

"Investors are advised that their investment decisions should be made on an informed basis, including an assessment of the fundamentals of the company,” it said.

Last week, Icon Offshore announced that its rights issue was oversubscribed by 19.87% of the maximum intended gross proceeds of RM247.21mil.

The company said the rights issue was also oversubscribed by 61.93% of the minimum intended gross proceeds of RM183.00mil.

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