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Wong & Partners And Baker & McKenzie.Wong & Leow Advise Icon Offshore On Its IPO.

3 July, 2014

 

Wong & Partners, and Baker & McKenzie.Wong & Leow, respectively the Malaysia and Singapore member firms of Baker & McKenzie International, advised Icon Offshore Bhd (“ICON“), the largest pure-play offshore support vessel (OSV) provider in Malaysia and a subsidiary of Ekuiti Nasional Bhd. (“Ekuinas”), on its MYR 945 million initial public offering (“IPO“) on Bursa Malaysia. Wong & Partners acted as domestic counsel, and Baker & McKenzie.Wong & Leow as international counsel, for ICON on the IPO. This is the first IPO of a portfolio company owned by Ekuinas.

 
The IPO made its debut on the main market of Bursa Malaysia on 25 June 2014 and included domestic offerings and an international offering of securities under Regulation S of the United States Securities Act.

 
Munir Abdul Aziz, partner in Wong & Partners’ led the team in Kuala Lumpur, assisted by partner Wong Sue Wan. The team from Baker & McKenzie.Wong & Leow in Singapore was led by partner Ashok Lalwani.

 
“The ICON IPO, which was the largest IPO in Malaysia on its listing date, was a challenging IPO executed on an expedited timeline. Despite the multiple moving parts and challenges, the team rose to the occasion and worked very cohesively with the company, the selling shareholders, the principal adviser and the joint global coordinators to achieve listing on the original target date,” Munir said.

 
“We are very pleased to have been so integrally involved in Ekuinas’ first IPO exit after having been involved with this group from when Ekuinas first invested in this sector in 2010,” he added.

 
ICON CEO, Dr. Jamal Yusof, commented that Wong & Partners had supported ICON and Ekuinas from well before the commencement of the IPO exercise. “Their deep knowledge and understanding of our business and history put them in good stead to enable us to achieve a very successful IPO,” he said.

 

The IPO included other parties, such as Albar & Partners, acting as counsel for Maybank Investment Bank Berhad, the Managing Underwriter, Joint Bookrunners and Joint Global Coordinators, as well as Clifford Chance LLP, acting as counsel for BNP Paribas Malaysia Berhad and Credit Suisse (Singapore) Limited, which are both the Joint Bookrunners and Joint Global Coordinators.

 

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