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UOB sells 10.29% stake in Marco Polo Marine for S$12.68 million

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UNITED Overseas Bank (UOB) on Friday evening said that it has disposed of its entire 10.29 per cent interest, comprising about 362.2 million shares, in Marco Polo Marine at a price of S$0.035 per share.

UNITED Overseas Bank (UOB) on Friday evening said that it has disposed of its entire 10.29 per cent interest, comprising about 362.2 million shares, in Marco Polo Marine at a price of S$0.035 per share.

This adds up to a total consideration of about S$12.68 million.

The move comes just a week after the bank announced its acquisition of the stake in the marine logistic group - at the same price - pursuant to a court-approved refinancing and debt restructuring exercise involving the company and some of its subsidiaries.

The Business Times had earlier reported that Heliconia Capital, a Temasek Holdings-funded investment firm, was eyeing UOB's 10.29 per cent stake in Marco Polo. Analysts had also noted that UOB, a major bank lender to Marco Polo and the broader offshore and marine (O&M) sector, is not in the business of holding equity in O&M clients.

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UOB said: "The disposal is not expected to have a material impact on the net tangible assets and earnings per share of the bank for the financial year ending Dec 31, 2018."

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