United Overseas Bank ditches shares in Marco Polo Marine

United Overseas Bank ditches shares in Marco Polo Marine

United Overseas Bank (UOB) has announced that it has sold its entire 10.29% stake in Marco Polo Marine for about S$12.68m ($9.63m).

The sale comes just one week after UOB picked up the shares as part of Marco Polo’s court-approved refinancing and debt restructuring deal.

Heliconia Capital, an investment arm of Singapore’s Temasek Holdings, is said to be the buyer of the 10.29% stake in the firm.

Last week, Apricot, the private investment firm of Singapore’s Teo family, injected S$20m, one third of the $60m rescue financing pledged by nine investors, into Marco Polo Marine.

Marco Polo Marine registered net losses of S$309m for first three quarters of 2017, and it is expected to record net losses for the full year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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