Singapore’s Otto Marine, an offshore yard and vessel operator, has revealed an unidentified firm is looking at buying the company.
A formal proposal is expected to come “as soon as possible”, Otto Marine said, in revealing the contents of a letter it has received from a financial adviser, RHB Securities. The buyer said it is holding discussions with regulators at the moment.
Noting how Otto Marine’s share price has been volatile in the past few days, RHB Securties, on behalf of its client requested a trading halt.
A takeover would mark an incredible turnaround for Otto Marine, which has skirted very close to bankruptcy in recent years.
Otto Marine’s share price stood at S$0.23 today, having been on hold all day.