Marco Polo Marine unit in joint venture to expand into Taiwan
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
A UNIT of integrated marine logistics company Marco Polo Marine has incorporated a joint venture (JV) company with Taiwan company Shengfan Co Ltd to expand its offshore and marine business into Taiwan.
The indirect wholly-owned subsidiary, Marco Polo Offshore, will take a 49 per cent stake in the JV company while Shengfan will take a 51 per cent share. The initial paid-up capital of the company is NT$42 million (S$2.1 million).
The JV company was set up to support Marco Polo Marine's offshore wind farm projects by chartering vessels to customers within the Taiwanese territory.
The investment by its subsidiary was funded from the Marco Polo Marine's internal resources and is not expected to have any material impact on the consolidated net tangible assets or earnings per share of the company for the current financial year ending Sept 30, 2022, it said in a bourse filing on Friday (Dec 24).
Shares of Marco Polo Marine closed flat at S$0.027 on Friday.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Amazon’s MGM Studios gains creative control over ‘James Bond’ franchise
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
In taxing wealth, how far can Singapore push property owners?
