United Overseas Bank exits stake in Marco Polo Marine for S$12.68 mln

Marco Polo Marine
Marco Polo Marine

United Overseas Bank said that it has sold its entire 10.29 percent stake in Marco Polo Marine for about S$12.68 million.

The sale of about 362.2 million shares took at a price of S$0.035 per share, the company said in a regulatory filing on Friday.

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

Heliconia Capital - a Temasek Holdings-funded investment firm - is eyeing United Overseas Bank's 10.29 percent stake in the firm, The Business Times reported on Thursday.

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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.

Shares in Marco Polo slumped 3.8 percent to S$0.05 on the Singapore Exchange. About 30 million shares changed hands compared to a 30-day average of 28 million.

This article was first published on February 5, 2018