Marco Polo Marine
Marco Polo Marine

Logistics group Marco Polo Marine said it has received approval from the Singapore High Court for its restructuring plan.

The company would now be seeking the approval of its shareholders in relation to the restructuring plan, Marco Polo said in a filing to the Singapore Exchange on Thursday.

It will convene an extraordinary general meeting of shareholders on December 14 to discuss the same.

Marco Polo is seeking shareholders' approval for issuing new securities that are key to the oil and gas company's restructuring plan.

The company is proposing to issue 2.1 billion shares at 2.8 Singapore cents each to nine investors, including founders of Singapore-listed Super Group and Soilbuild, as part of a capital injection into the company.

Following the placements of shares, control of the company will shift to Apricot Capital, the private investment firm of Super Group's Teo family.

Marco Polo has already won a majority vote from its noteholders for the restructuring of its S$50 million Singapore dollar note issuance.