Potential buyer eyeing stake in Otto Marine

A POTENTIAL buyer is looking to acquire shares in Otto Marine, the offshore marine group said in a release to the Singapore Exchange on Thursday.

This comes after the firm called for a trading halt on its shares that morning.

Otto Marine said that it received a letter from RHB Securities Singapore, the financial adviser to a potential buyer. On behalf of the offeror, RHB Securities said it intends to submit a formal proposal to Otto's board as soon as possible.

"As we are currently consulting the regulators, we wish to highlight that there is no certainty or assurance whatsoever that there will be any transaction until we have finalised the terms of our proposal upon obtaining regulatory clearance, and present our proposal to the board," RHB said.