Liannex’s stake buy in Icon Offshore a positive development

EARLIER in the week, Icon Offshore Bhd grabbed headlines when the story broke that its major shareholder, the government’s private equity (PE) fund Ekuiti Nasional Bhd (Ekuinas) is divesting most of its stake in the local offshore service vessels (OSV) provider.

The buyer is Singapore-based trading and logistics firm Liannex Corp (S) Pte Ltd, who set off a mandatory takeover of Icon when it acquired a 50.2% stake in the latter from Ekuinas on Tuesday.