Asia
Marco Polo subsidiary looks to expand
Jakarta: Pelayaran Nasional Bina Buana Raya (BBR), a subsidiary of Marco Polo Marine, made its trading debut on the Indonesia Stock Exchange on Wednesday. Following the successful IPO the firm’s president said he would spend up to $46m in new vessels. First up, according to Loa Siong Bun, will be a pair of is investing as much as $46 million in new vessels to expand its business anchor handling tug supply vessels for delivery in 2014.
The company raised Rp 138bn ($14.2m) yesterday by selling a 24% stake. BBR already has three AHTS vessels — two with 8,000 hp and one with 5,400 hp. The company also has 35 barges and tugboats. [10/01/13]