Icon Offshore, FGV Holdings

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KUALA LUMPUR (Jan 24): Based on corporate announcements and news flow today, stocks in focus on Tuesday (Jan 28) may include: Icon Offshore Bhd and FGV Holdings Bhd.

Urusharta Jamaah Sdn Bhd has ceased to be a substantial shareholder in Icon Offshore Bhd.

Icon Offshore said Urusharta Jamaah has disposed of 972,225 shares in the offshore support vessel (OSV) player yesterday (Jan 23), thus ceasing to be a substantial shareholder.

Urusharta Jamaah is a special-purpose vehicle set up by the government to manage Lembaga Tabung Haji's underperforming assets.

The disposal of the stake is notable, given Icon Offshore's share price, which stood at 10 sen on Jan 21, has skyrocketed since then to close at 81.5 sen today.

The group also completed a share consolidation exercise yesterday — which saw every 50 shares held consolidated into one share.

Bursa Securities has meanwhile declared the securities of Icon Offshore as designated counters with effect from Jan 28, due to excessive speculation.

It said the imposition of this ruling for the shares and the ordinary rights with warrants (Icon-OR) will be imposed until further notice.

FGV Holdings Bhd has terminated its memorandum of understanding (MoU) with Samyang Foods Co Ltd, which it had signed early last year.

The termination of the MoU would not have any financial impact on the company and its subsidiaries, FGV said.

The two companies had entered into an agreement to establish Samyang's halal production facilities in Malaysia, focusing on production of halal ramen and instant noodles for Malaysia and the global markets.

Samyang Foods is a company incorporated in South Korea and listed on the Korean Stock Exchange.