Lembaga Tabung Haji raises stake in Icon Offshore

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KUALA LUMPUR (Dec 4): Lembaga Tabung Haji (LTH) raises its shareholding in Icon Offshore Bhd, whose share price has plunged 38% from its peak of RM1.91 since it was listed in June.

The pilgrim fund has bought 85.76 million shares or 7.28% on the open market, according to the filing with Bursa Malaysia.

LTH has been accumulating shares in Icon Offshore. It had in late November, acquired 0.23% stake or 2.66 million shares in the offshore support vessel (OSV) provider, in which Ekuiti Nasional Bhd (Ekuinas) holds a controlling stake of 42.3%.

Icon Offshore recently released its third quarter financial result for the year ending Dec 31, 2014 (3QFY14). It reported a lower net profit — down 14.4% to RM18.95 million, from RM22.15 million a year earlier.

The group said this was mainly due to lower demand and activities in oil and gas (O&G) sector, which resulted in lower fleet utilisation of 76.1% in 3QFY14, as compared to 86.9% in the previous corresponding period.

The group’s revenue shrank 18.5% to RM79.7 million in 3QFY14, against RM97.8 million in previous corresponding quarter.

Icon’s initial public offer price was pegged at RM1.85. The stock closed at RM1.19, with 662,600 shares traded today.