Icon Offshore shares, rights classed as designated securities from Jan 28

PETALING JAYA: Icon Offshore Bhd shares and ordinary rights with warrants (Icon OR) have been declared “designated securities” by Bursa Securities Bhd, with effect from Jan 28 until further notice.

“The decision to designate the securities of Icon and Icon OR is due to excessive speculation observed in the trading of the securities and has been taken in the interest of ensuring a fair and orderly market,” the market regulator said in a statement.

With the designation, trading in the counters will require payment upfront before buying and a free balance of securities before selling.

In a Bursa filing this afternoon, Icon Offshore said Urusharta Jamaah Sdn Bhd had ceased to be a substantial shareholder after disposing 972,225 shares yesterday.

Urusharta Jamaah is a special-purpose vehicle set up by the government to manage Lembaga Tabung Haji’s underperforming assets.

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