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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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