This article first appeared in The Edge Financial Daily on February 21, 2020

KUALA LUMPUR: Urusharta Jamaah Sdn Bhd, the government’s special-purpose vehicle (SPV) set up to manage Lembaga Tabung Haji's underperforming assets, has resurfaced as Icon Offshore Bhd’s substantial shareholder.

An exchange filing yesterday showed that 132.86 million Icon shares, derived from the offshore support vessel provider’s rights issue, were added to Urusharta Jamaah’s shareholding.

With this, Urusharta Jaamah’s shareholding in Icon rises to 133.80 million shares, representing a 5.63% direct stake as of writing. The SPV had last month ceased to be Icon’s substantial shareholder after disposing of 972,225 shares.

Urusharta Jamaah was among those who voted for the cash call last November, an exercise to raise up to RM250 million, alongside a plan to restructure some RM577 million of Icon’s debts to reduce its gearing from 9.16 times to under 1.4 times.

Icon unit Hallmark Odyssey Sdn Bhd’s controlling shareholder, Hallmark Odyssey Sdn Bhd (owned by Ekuiti Nasional Bhd or Ekuinas), had also given an undertaking to subscribe up to RM183 million of the rights issue.

Following the subscription of ordinary shares pursuant to the rights issue of shares with warrants, Hallmark Odyssey owned a direct 57.406% stake in Icon.

Icon's share price halved from last Friday’s closing of 23.5 sen to close yesterday at its all-time low of 11.5 sen, giving it a market capitalisation of RM273.5 million.