KUALA LUMPUR (Oct 1): Ekuiti Nasional Bhd's (Ekuinas) plan for 42.3%-owned associate Icon Offshore Bhd is to ensure the oil and gas support services provider's recapitalisation happens as soon as possible to support Icon Offshore's growth.

Ekuinas chief executive officer Syed Yasir Arafat Syed Abd Kadir said at a press conference during The Malaysian Private Equity Forum 2019 here today: "I don't think our plan is to exit (Icon Offshore) in the short term. Our plan is to ensure that the recapitalisation plan happens as soon as possible so that we can think about the next stage of growth for Icon Offshore."

According to Ekuinas and Icon Offshore's websites, Icon Offshore provides offshore support vessels to the oil and gas industry.

The government-linked private equity fund management company's website indicates that Icon Offshore has 32 vessels operating in waters off Malaysia, Thailand and Qatar. "The vessels have had a history of international operations in more than 10 countries in the Southeast Asia and Middle East regions," it said.

At the press conference, Syed Yasir was non-committal when asked if Ekuinas is on track to meet its minimum annual internal rate of return (IRR) target of 12%.

"It really depends because it's a long-term target. So from our perspective, we do what we (do) best. Clearly there [are] some headwinds in Malaysia's general business environment.

"I will not speculate. I'm not going to say that you're not going to see that 12%, because right now, our result will be out by April next year," said Syed Yasir.

For 2019, he said Ekuinas is looking to divest three of its assets towards the end of this year.

He, however, declined to disclose more details on the planned divestments, noting that the divestment may "spill over to next year".