The company said the rights issue was also oversubscribed by 61.93 per cent of the minimum intended gross proceeds of RM183.00 million, underscoring the strong and full support from its shareholders.

KUALA LUMPUR: Icon Offshore Bhd’s rights issue was oversubscribed by 19.87 per cent of the maximum intended gross proceeds of RM247.21 million.

The company said the rights issue was also oversubscribed by 61.93 per cent of the minimum intended gross proceeds of RM183.00 million, underscoring the strong and full support from its shareholders.

“The rights issue is an important element of the company's debt restructuring exercise, which will enable the company to complete the overall debt restructuring exercise before the end of the first quarter of financial year 2020,” its managing director Datuk Seri Hadian Hashim said in a statement.

He said the funds would be used to pare down its debt as well as for working capital and capital expenditure for future growth.