Marco Polo went through a debt restructuring exercise.
United Overseas Bank Limited (UOB) disposed its 10.29% stake, comprising 362,189,351 shares, in Marco Polo Marine Ltd (MPML) for $12.68m.
According to an announcement, the disposal is pursuant to a court-approved refinancing and debt restructuring exercise involving MPML and certain of its subsidiaries and associated companies, namely, Marco Polo Shipyard Pte Ltd, PT Marcopolo Shipyard and PT Pelayaran Nasional Bina Buana RayaTbk.
UOB previously announced on 26 January 2018 that it bought a 10.29% interest in MPML, at a price of $0.035 per share.
DealStreetAsia revealed in a report that Temasek Holdings is reportedly mulling the purchase of the stake through its unit Heliconia Capital Management.
However, Heliconia only said that Temasek does not play a role in its investment decisions.
DealStreetAsia said that Marco Polo Marine will be amongst the first listed corporates to emerge from debt restructuring exercises amid the prolonged slump that has impacted the oil & gas (O&G) industry – and seen a slump in the offshore & marine (O&M) sector.
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