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

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.

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."