General Announcement::Acquisition of 10.29% Interest in Marco Polo Marine Ltd

Issuer & Securities

Issuer/ Manager
UNITED OVERSEAS BANK LIMITED
Securities
UNITED OVERSEAS BANK LTD - SG1M31001969 - U11
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
26-Jan-2018 18:22:43
Status
New
Announcement Sub Title
Acquisition of 10.29% Interest in Marco Polo Marine Ltd
Announcement Reference
SG180126OTHR2WAD
Submitted By (Co./ Ind. Name)
Theresa Sim
Designation
Company Secretary
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.