KUALA LUMPUR: Icon Offshore Bhd has received approvals from its shareholders to change its name to Lionson Fleet Group Bhd.
The company said the proposed name change is to reinforce its market presence to better align with its expanded business activities.
"The overwhelming support from our shareholders reflects their confidence in our new strategic vision and the bold steps we are taking to elevate (Icon Offshore) to new heights. The acquisitions mark a transformative milestone that will significantly enhance our fleet capabilities and expand our market presence.
"By integrating these strategic assets, we are actively positioning ourselves to better serve a broader client base and reinforce our standing as a key player in the offshore marine, energy and transportation services industry," said executive chairman Lim Chern Wooi in a statement today.
Icon Offshore had proposed to acquire stakes in Liannex Fleet Pte Ltd, Yinson Power Marine Sdn Bhd, Regulus Offshore Sdn Bhd and Yinson Camellia Sdn Bhd, along with the consolidation of its ownership in Icon Bahtera (B) Sdn Bhd and Icon Waja (L) Inc, for a total of RM403.5 million.
The acquisitions will be fully satisfied through the issuance of 458.5 million new shares at 88 sen per share. This will increase Icon Offshore's fleet size by 40 additional marine assets.
The acquisitions are expected for completion in February.
Icon Offshore's share price rose 2.59 per cent or 2.5 sen to 99 sen, bringing its market capitalisation to RM614.2 million.