Maybank IB ends stabilising action for Icon Offshore

Maybank Investment Bank Bhd (Maybank IB) has ceased to be the stabilising manager for Icon Offshore Bhd's shares with effect from Thursday.

Maybank IB, the stabilising manager for the listing of Icon Offshore's shares on the Main Market of Bursa Malaysia Securities, said it had bought 43.67 million shares during the stabilising period between June 25 and July 24.

"We have undertaken stabilising actions where a total of 43.67 million shares were purchased at a price range of between RM1.80 per share and RM1.85 per share. The last purchase was made on July 24 at a price of RM1.80," it said.

Maybank IB also said BNP Paribas Malaysia Bhd, Credit Suisse (Singapore) Ltd, Hong Leong Investment Bank Bhd, Maybank IB and RHB Investment Bank Bhd, being the Placement Managers for the IPO had over-allotted 76.61 million shares to the institutional investors.

"On July 24 (Thursday), Maybank IB as the stabilising manager, on behalf of the placement managers, had exercised the over-allotment option for a total of 32.94 million shares granted by Hallmark Odyssey Sdn Bhd over the entire 76.61 million shares," it said.

Maybank IB added the total purchases of 43.67 million shares under the price stabilising action and the exercise of the over allotment option for 32.94 million over-allotted shares cover the 76.61 million over allotted Shares.

It added shares purchased under the price stabilisation action and the proceeds from the sale of the over-allotted shares would be returned to the over-allotment option provider.

Icon closed down three sen to RM1.80 on Thursday.