Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 20): Icon Offshore Bhd, whose share price plunged to an all-time low of 5.5 sen today, has appointed Datuk Seri Hadian Hashim as its new managing director, effective Sept 3. 

Hadian Hashim, 61, is the founding shareholder, executive director and managing director of Sona Petroleum Bhd — a special purpose vehicle company which was delisted in 2018.

Hadian started his career with Sarawak Shell Bhd and left after 12 years, to venture into business to pursue his entrepreneurial interests in various oil & gas companies, notably Itochu Pipe and Tube Asia Corporation Sdn Bhd (IPTASCORP) and Integrated Petroleum Services Sdn Bhd (IPS). 

Icon Offshore’s chairman Raja Arshad Raja Tun Uda said the group looks forward to working with him, as he would bring his vast experience and extensive knowledge of the oil and gas industry, which would benefit the group. 

“I am confident that he will be able to leverage on his entrepreneurial experience to spearhead Icon in strengthening its existing business and develop new business opportunities, especially in light of our recently-announced recapitalisation exercise, which will result in a significantly improved balance sheet, post completion,” he said in a press statement.

“At the same time, on behalf of the board and management of Icon Offshore, I would like to take this opportunity to thank Captain Hassan Ali for stepping up to helm the leadership in transition, especially during the challenging period and competitive landscape for the company.

He added that Hassan will resume his role as the chief operating officer to drive the operations and technical functions of the group’s fleet of vessels, and to develop and implement the corporate and operational strategies of the group. 

Share price of Icon Offshore closed at an all-time low today, after the group announced a debt restructuring exercise that involves a cash call.

In a bourse filing on Monday, the group revealed that it was making a cash call to raise up to RM250 million in fresh capital and to restructure RM370.66 million of debt, partly through the issuance of new shares. The rights issue will be sweetened by free warrants.

As a result of the group's share price trading below 10 sen, Icon Offshore will also undertake a share consolidation agreement exercise.

The group also announced that it would be restructuring its debt by executing supplemental agreements with its various creditors. Both exercises are part of its debt restructuring plan under the Corporate Debt Restructuring Committee (CDRC) scheme — with the aim of eventually reducing the group's gearing ratio to 1.14 times, from 9.16 times.

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