<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on February 19, 2020</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: A nail-biting drop in Icon Offshore Bhd’s share price continued yesterday as the local market was flooded with an additional 2.618 billion new shares.</p></div>

<div class=newsTextDataWrapInner><p>The new shares were issued pursuant to the company’s 100-for-one rights issue at 10.5 sen per share plus its debt-to-equity swap to restructure borrowings.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The stock closed at an all-time low of 12 sen, down 5.5 sen or 31% yesterday, with its trading volume soaring to a record high of 169.39 million shares. The share price had slipped to an intraday low of 10 sen.</p></div>

<div class=newsTextDataWrapInner><p>Icon Offshore’s share price has nearly halved from last Friday’s closing of 23.5 sen since Bursa Malaysia uplifted its designated status on Monday, despite hitting limit up on the same day.</p></div>

<div class=newsTextDataWrapInner><p>Just slightly over three weeks ago, Icon Offshore’s share price jumped 94% in two trading days to 81.5 sen on Jan 24, from 42 sen on Jan 22 when Icon Offshore’s rights issue turned ex.</p></div>

<div class=newsTextDataWrapInner><p>The offshore vessel operator undertook a RM250 million cash call alongside a plan to restructure some RM577 million of debts to reduce its gearing from 9.16 times to under 1.4 times.</p></div>


KUALA LUMPUR: A nail-biting drop in Icon Offshore Bhd’s share price continued yesterday as the local market was flooded with an additional 2.618 billion new shares.

The new shares were issued pursuant to the company’s 100-for-one rights issue at 10.5 sen per share plus its debt-to-equit...

Icon Offshore slumps further after rights issue starts trading

The debris from a missile that landed in the Ukrainian city of Kharkiv on Jan 2 was from a North Korean Hwasong-11 series ballistic missile, United Nations sanctions monitors told a Security Council committee in a report seen by Reuters on Monday.

UN experts say North Korea missile landed in Ukraine's Kharkiv

KUALA LUMPUR (April 30): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday (April 29):

QSR Brands and KFC Malaysia confirmed it suspended operations of its outlets to manage costs, amid news that over 100 of its outlets have ceased...

QSR Brands, Nestle, ViTrox, LPI Capital, Ajiya, YTL REIT, Tex Cycle, Gadang, HHRG, Sapura, MSC, Capital A, BSL, Oppstar

YNH Property Bhd on Monday made a belated announcement about transactions involving its 6.49-acre land in Segambut, which it had inked an agreement in September last year to sell for RM59.58 million but revoked last week to have Chin Hin Group Property Bhd develop the plot in return for at least RM52 million.

YNH makes belated announcement about transactions involving its Segambut land

Shares of YTL Power International Bhd and YTL Corp Bhd rose to fresh highs on Monday as investors piled on stocks with exposure in artificial intelligence (AI).

YTL Power, YTL Corp touch new highs

Kossan Rubber Industries Bhd has clarified that the fire at a paint factory in Meru Industrial Park, Klang on Monday (April 29) had no impact on operations at its rubber glove factories.

Fire outbreak at paint processing plant 'has nothing to do with Kossan Rubber Industries', says MD

A vessel that reported on Monday an explosion in its proximity, 54 nautical miles northwest of Yemen's Mokha, has sustained damage but the ship and crew are safe and proceeding to next port of call, the United Kingdom Maritime Trade Operations (UKMTO) agency said.

Vessel sustains damage near Yemen's Mokha after explosion in its proximity, says UKMTO 

HHRG Bhd was slapped with a RM58.18 million suit by Ooi Chieng Sim, in relation to a loan given out by the former executive chairman to the company.

HHRG faces RM58 mil suit over alleged default of loan by ex-chairman

Integrated circuit (IC) design service provider Oppstar Bhd is collaborating with South Korea’s tech giant Samsung Electronics Co Ltd for the production of industrial ICs manufactured using Samsung’s 14 nanometre (nm) FinFET technology foundry process.

Oppstar partners with Samsung to produce industrial integrated circuits

Prime Minister Datuk Seri Anwar Ibrahim held a bilateral meeting with his Pakistani counterpart Muhammad Shehbaz Sharif on the sidelines of the World Economic Forum (WEF) Special Meeting here on Monday.

PM meets Pakistani counterpart, Turkiye foreign minister

The ideas and initiatives of the National TVET council and the National Entrepreneur Development Council will be coordinated to ensure the rapid development of the technopreneur section, Deputy Prime Minister Datuk Seri Dr Ahmad Zahd Hamidi said.

TVET, entrepreneur development councils to be coordinated to ensure rapid development — DPM

<p>Shares of YTL Power International Bhd and YTL Corp Bhd rose to fresh highs on Monday as investors piled on stocks with exposure in artificial intelligence (AI).</p>


<p>SUPERMAX Holdings Sdn Bhd (SHSB), which holds 40.3% in Supermax Corp Bhd, is the subject of a winding-up petition.</p>

<p>SHSB is the private company of Datuk Seri Stanley Thai and his wife, Datuk Wira Cheryl Tan Bee Geok. The couple, who have been and still are having differences in their rel...

Newsbreak: Supermax's Cheryl Tan seeks to wind up holding company

<p>Saudi Arabia-based renewable energy giant ACWA Power has expressed interest in investing more than&nbsp;US$10 billion (RM47.64&nbsp;billion) in Malaysia over a 10-year period.</p>

<p>Among the proposed projects are those to be undertaken through collaboration with a local company, Cypark Resources Bhd.</p>


Saudi-based ACWA Power keen on investing over US$10b in M'sia, some projects in collaboration with Cypark

<p>Permodalan Kedah Bhd (PKB) has inked a memorandum of understanding (MOU) with Royal Eco Train Development, Republic of Korea (RETD Korea), for the Light Rail Transit (LRT) project in Langkawi.</p>


Permodalan Kedah inks MOU with Korean firm for LRT in Langkawi

<p>Sime Darby Property Bhd has achieved a 100% take-up rate for The Corak freehold commercial hub at the Serenia City township in Sepang, according to a press statement issued on Monday. The Corak is the township's first commercial hub.</p>


Sime Darby Property achieves 100% take-up for The Corak commercial hub in Serenia City

<p>Following reports that over 100 KFC outlets have been temporarily closed after about half a year of boycott movement, QSR Brands (M) Holdings Bhd and KFC Holdings (M) Bhd (KFC Malaysia) said they suspended the operations of the outlets to manage increasing business costs amid challenging economic conditions, and to focus on high engagement trade zones.&nbsp;</p>


QSR confirms temporary closure of KFC outlets, says it is to manage rising costs

<p>theedgemalaysia.com&nbsp;highlighted three with positive momentum and two stocks with negative momentum at Bursa Malaysia's afternoon close on Monday.</p>


Supercomnet Technologies, MyEG, BP Plastics, LGMS, Turiya

<p>KUALA LUMPUR (April 29): Capital A Bhd said on Monday that the number of passengers it carried rose 17% year-on-year (y-o-y) to 15.4 million in the first quarter of 2024 (1Q2024), on the back of strong travel demand during the school holidays and Chinese New Year.</p>


Capital A’s passenger volume rises 17% in 1Q, load factor climbs to 90%

<p>Twenty-eight National Service Training Programme operators nationwide have filed a multimillion-ringgit suit against the government for purported breach of the main contract resulting in losses of rental for 27 months and total losses of RM108.737 million to them.</p>


Twenty-eight National Service Training Programme operators sue govt for RM108.74m in losses

<p>Gadang Holdings Bhd has called off its planned acquisition of a 21.08-acre land in Kwasa Damansara — known as R3-1 — for RM114.78 million from Kwasa Development (3) Sdn Bhd (KD3), to be developed into a residential project.</p>


Gadang fails in appeal to EPU for Bumi equity waiver to buy Kwasa Damansara land

<p>Tex Cycle Technology (M) Bhd said on Monday it has partnered with Evolusi Bersatu Sdn Bhd to invest RM100 million in Sabah’s first integrated scheduled waste management facility.</p>


Tex Cycle in JV to invest RM100m to build Sabah waste management facility

<p>Automated test equipment maker ViTrox Corp Bhd, which has just seen its net profit halve in the first quarter of 2024, is expecting a gradual recovery in the semiconductor sector towards the second half of the year (2H2024) and is continuing to ramp up its research and development (R&amp;D) investments in anticipation of that.</p>


ViTrox to continue to ramp up R&D investment on anticipated semiconductor recovery in 2H2024

<p>Tin producer Malaysia Smelting Corp Bhd (MSC) on Monday declared a final dividend of seven sen per share, amounting to RM29.4 million, for the financial year ended Dec 31, 2023 (FY2023).</p>


Malaysia Smelting Corp announces final dividend of seven sen per share

<p>Sapura Energy Bhd has landed a five-year contract from PTTEP Sabah Oil Ltd and PTTEP Sarawak Oil Ltd to provide underwater services.</p>


Sapura Energy bags underwater service contract from Thai-owned PTTEP group

<p>HULU SELANGOR (April 29):&nbsp;Pakatan Harapan (PH) candidate Pang Sock Tao on Monday uploaded her&nbsp;academic results in the&nbsp;Ujian Pencapaian&nbsp;Sekolah Rendah&nbsp;(UPSR) and&nbsp;Sijil Pelajaran Malaysia (SPM) in reply to the challenge raised by PAS information chief Ahmad Fadhli Shaari recently.</p>


KKB by-election: Pang takes up challenge to reveal academic results

<p>SEPANG (April 29): The Malaysian Aviation Commission (Mavcom) does not expect any further delays to the implementation of the Airports Quality of Services (QoS) Framework at the Kuala Lumpur International Airport (KLIA) beyond this year. &nbsp;</p>


No more delays for full implementation of Airports QoS Framework at KLIA, says Mavcom

<p>KK Supermart &amp; Superstore Sdn Bhd Group founder and executive chairman Datuk Seri Dr Chai Kee Kan&nbsp;and his wife, Datin Seri Loh Siew Mui, who are facing two counts of intentionally wounding the religious feelings of others over&nbsp;the sale of socks bearing the word 'Allah', will submit a representation to the Attorney General's Chambers (AGC).</p>


'Allah' socks: KK Mart founder, wife to submit representation to AGC

<p>RIYADH (April 29): Malaysia and Saudi Arabia are in the midst of discussions about new investments into the country, said Prime Minister Datuk Seri Anwar Ibrahim.</p>


Anwar: Malaysia in talks for new investments into country by Saudi Arabia

<p>Here’s a quick look at some of the stories that made headlines today.</p>


EVENING 5: Five things you need to know today

<p>Kuala Lumpur Kepong Bhd (KLK) said that it had completed all reimbursements of recruitment and related fees in compliance with the group’s strict no-recruitment-fee policy.</p>
