Nam Cheong to take 30% stake in BBR

SGX mainboard-listed offshore marine player Nam Cheong has taken a decisive step in growing its presence in the lucrative Indonesian vessel-chartering market through a strategic investment.

Malaysia's largest offshore support vessel (OSV) builder on Monday announced that it has agreed to invest approximately US$30.7 million for a 30-per-cent stake in the enlarged share capital of PT Pelayaran Nasional Bina Buana Raya Tbk (BBR), an indirect subsidiary of SGX mainboard-listed marine logistics company, Marco Polo Marine (Marco Polo).

Marco Polo holds a 49.6 per cent stake in BBR, which is an Indonesian Stock Exchange-listed company engaged in the business of ship owning and chartering through two divisions, one for tugs and barges and the other, for offshore marine.