SINGAPORE (Yosefardi) – Marco Polo Marine Ltd has, via PT Marcopolo Indonesia (MI), a wholly-owned Indonesia incorporated subsidiary of the Company, acquired all the 1,499 million ordinary shares in PT Pelayaran Nasional Bina Buana Raya Tbk (BBR), representing 39.8% of the equity interest in BBR, through its wholly-owned Singapore incorporated subsidiary, Marco Polo Shipping Co Pte Ltd ( MPSC ), for a consideration of IDR194,972 million (approximate to S$20.3 million) (the Streamlining Acquisition).
MI, which presently has a paid-up share capital of IDR933.5 million, comprising 100,000 ordinary shares of par IDR9,335 each held through MP Shipping Pte Ltd (MPS) and MP Ventures Pte Ltd (MPV), both wholly-owned Singapore incorporated subsidiaries of the company, in the ratio of 99:1 in favour of MPS, has an existing direct equity interest of 9.8% in BBR.
BBR shall, for the purpose of accounting and financial reporting, continue to be treated as a subsidiary of the company; and the company s total equity interest in BBR, directly and indirectly, remains at 49.6%.