PETALING JAYA: Icon Offshore Bhd, an offshore support vessel provider, has secured approvals from its shareholders for proposed acquisitions and change of name to Lianson Fleet Group Bhd (LFG) at an extraordinary general meeting held on Monday.
LFG had proposed to acquire equity 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 consideration of RM403.5 million.
The acquisitions will be satisfied through the issuance of 458.5 million new ordinary shares of LFG at 88 sen per share. This will increase LFG’s fleet size with 40 additional marine assets.
The acquisitions, expected to be completed by early February, will mark a significant milestone for LFG, aligning with its long-term strategic goals to strengthen its asset base and enhance its overall capabilities in offshore marine, energy and transportation services.
In a statement the group said the proposed name change to Lianson Fleet Group underscores its dedication towards reinforcing its market presence to better align with its expanded business activities.
The group seeks to strengthen its brand recognition and enhance its position as a prominent force within the dynamic offshore marine, energy and transport services sector. This change is a testament to the group’s forward-looking approach and commitment to drive long term sustainable growth for its stakeholders.
LFG executive chairman Lim Chern Wooi said, “The overwhelming support from our shareholders reflects their confidence in our new strategic vision and the bold steps we are taking to elevate LFG 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.
“Aligned with that, our rebranding to Lianson Fleet Group Berhad represents more than just a mere name change. It signals our commitment to evolve with the times and foster a stronger corporate identity that better aligns with our expanded operations and new strategic goals. These acquisitions, coupled with our new brand identity, are part of a holistic approach in driving more sustainable growth, operational excellence and better long-term value creation for our stakeholders as we embrace new opportunities ahead.”
