Ekuinas plans to list oil service unit by 2014
KUALA LUMPUR, Nov 20 — Ekuiti Nasional Bhd (Ekuinas), a government-owned private equity fund, plans to list its oil and gas service unit Icon Offshore Bhd by 2014, company CEO Abdul Rahman Ahmad said today.
“The listing will be based on our earnings, so we want to grow the company’s earnings to justify a sufficient valuation or market capitalisation,” he said, adding that the company’s market capitalisation could hit RM1 billion when it lists.
The plan comes at a time when privatisation schemes and economic growth have cemented Malaysia’s position as Asia’s top IPO destination, accounting for US$7.9 billion (RM24.5 billion) of the US$30.03 billion worth of new listings in Asia-Pacific this year, according to Thomson Reuters data.
Icon Offshore, which operates in the Middle East and Southeast Asia, is Malaysia’s third-biggest offshore support vessel operator with RM1.2 billion in assets.
The company has a fleet of 28 vessels and was formed when Ekuinas merged its units Tanjung Kappal Services Sdn Bhd and OMNI Petromaritme Sdn Bhd earlier this month.
Ekuinas paid a total of RM484.1 million for its stake in the companies, making the investment its largest and about a third of its entire portfolio.
Ekuinas aims to increase Icon Offshore’s annual revenue of RM245 million by 20 per cent every year. — Reuters