Singapore's Temasek weighing UOB's stake in Marco Polo: report

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A woman passes a logo of state investor Temasek Holdings at their office in Singapore July 8, 2014. REUTERS/

Singapore state investor Temasek Holdings is looking to buy stakes in listed groups Marco Polo Marine and Ezion Holdings, The Business Times reported on Thursday.

Heliconia Capital - a Temasek Holdings-funded investment firm - is eyeing United Overseas Bank's 10.29 percent stake in the firm, the report said.

United Overseas Bank last week bought the stake after offshore and marine firm Marco Polo's refinancing and debt restructuring deal.

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Marco Polo suffered net losses of S$309.0 million for the nine months ended June 30, 2017, and said it expected to record net losses for the full year.

Losses mainly due to lower utilisation rates of the group's vessels and lower charter rates, decreased revenues from the shipbuilding business and various impairment charges, the company said in October last year.

Singapore-listed Marco Polo has suspended trading of its shares since May 2017 as it embarked on a debt refinancing and restructuring plan in part due to the long downturn in the oil and gas sector.

Likewise, offshore and marine group Ezion Holdings has suspended trading and is talking to stakeholders to discuss financing options after reporting losses for the third consecutive quarter.

Temasek is also believed to have held talks with Ezion, but discussions said to be on hold for now, the report said.

This article was first published on February 1, 2018