Trust in 'childhood friend' one factor behind Teos' investment in Marco Polo Marine

Singapore

THE founding Teo family of Super Group views the S$20 million equity injection into Marco Polo Marine as part of the business of "investing in people", the heir to the family fortune told The Business Times.

Apricot, the private investment firm of the Teo family, is forking out a third of the S$60 million rescue financing pledged by nine investors for Marco Polo. Just last week, Marco Polo completed its months-long debt restructuring exercise, paving the way for this new equity to enter the financially troubled listed group. Apricot has emerged as the largest shareholder in Marco Polo with a 19.28 per cent deemed and direct interest.

The family office's move however, has raised eyebrows. To begin with, offshore and marine (O&M) is not quite a regular cup of tea for the Teos who built a fortune from groo…