General Announcement::Acquisition of 10.29% Interest in Marco Polo Marine Ltd
Issuer & Securities
UNITED OVERSEAS BANK LIMITED
UNITED OVERSEAS BANK LTD - SG1M31001969 - U11
Date &Time of Broadcast
Announcement Sub Title
Acquisition of 10.29% Interest in Marco Polo Marine Ltd
Submitted By (Co./ Ind. Name)
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of United Overseas Bank Limited ('Bank") wishes to announce that the Bank has acquired a 10.29% interest, comprising 362,189,351 new ordinary shares ( "MPML Shares" ), in Marco Polo Marine Ltd ( "MPML" ) pursuant to a court-approved refinancing and debt restructuring exercise involving MPML and certain of its subsidiaries and associated companies, namely, Marco Polo Shipyard Pte Ltd, PT Marcopolo Shipyard and PT Pelayaran Nasional Bina Buana RayaTbk.
The MPML Shares were allotted to the Bank at the price of $0.035 per MPML Share.
The transaction is not expected to have any material impact on the net tangible assets or earnings per share of the Bank for the financial year ending 31 December 2018.