Malaysia’s Ekuinas wants Icon Offshore to list by 2014
Ekuinas, the Malaysia sovereign wealth fund, plans to list its oil and gas services unit, Icon Offshore, within three years. Abdul Rahman Ahmad, the Icon’s CEO, said the company was already eligible for an IPO but they want to wait until earnings justify a sufficient valuation. The earnings level he suggested was MYR1 billion ($326 million).
Icon is Malaysia's third-largest offshore support vessel operator, with MYR1.2 billion in assets and a fleet of 28 vessels. It was formed through the merger of two Ekuinas-owned units, Tanjung Kappal Services...
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