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    UOB Sells 10.29% Stake in Marco Polo Marine

    UOB has disposed of all of its stake in Marco Polo Marine in accordance with a debt restructuring and refinancing activity.

    Bankbazaar Singapore – February 6, 2018

    Singapore: The United Overseas Bank (UOB) has sold off all its holdings in Marco Polo Marine of 362.2 million shares, which amounted to 10.29% stake, at a cost of S$0.035 per stock. The total value of the sale adds up to around S$12.68 million.

    Reports suggest that UOB’s decision to sell out was in accordance with a debt restructuring and refinancing activity that included Marco Polo Marine and a few of its subsidiaries. It comes just about a week after the bank announced purchase of the stake in the company.

    According to DealStreetAsia, Temasek Holdings is now considering buying the stake through its division Heliconia Capital Management. However, Heliconia has reportedly clarified that Temasek does not have a say in the investment decisions it makes.

    Marco Polo Marine is expected to be one of the first firms to finish restructuring its debt since the recent slump in the oil and gas sector, which has extended to the offshore and marine businesses as well.

    The decision to dispose of Marco Polo Marine shares is not expected to impact the financial performance of UOB in the short term. According to The Business Times, the bank has clarified that the decision will not have any material impact on the earnings per stock or on tangible assets in the current year.

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