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.