KUALA LUMPUR (Feb 18): Shares in Icon Offshore Bhd fell by as much as 28.57% this morning following the listing of new shares with free detachable warrants and the issuance of new shares to its financiers and creditors.

As of 10:12am, shares in Icon Offshore were trading 25.71% or 4.5 sen lower at 13 sen, giving it a market capitalisation of some RM330 million

Some 114.53 million shares were traded, with the stock being the topmost traded counter on Bursa Malaysia at the time of writing.

The offshore support vessel (OSV) company had announced yesterday that it would be listing the new shares with accompanying warrants on the local bourse today.

To recap, the group was offering a 100-for-1 rights issue with free warrants, offering 2.35 billion shares.

The maximum gross proceeds of the rights issue is RM250 million.

In addition, the group would be listing 263.7 million new rights issue shares offered to its creditors and financiers.

The group also offered new shares to its financiers with free detachable warrants to settle RM27.52 million in debt.

Furthermore, it also would be issuing new shares to its creditors with free detachable warrants to settle RM171,976.29 in debt.

In total, 588.69 million warrants will be issued for the rights issue with warrants with a total of 65.92 million warrants issued to its financiers and creditors.

The rights issues are part of a debt restructuring exercise, of which one of the aims is to reduce its gearing from 9.16 times to under 1.4 times.

Icon's share price hit limit up yesterday after surging as much as 30 sen or 127.66% in morning trades following Bursa's decision to uplift the OSV provider's designated securities status.