SINGAPORE (Yosefardi) – Shipping company Marco Polo Marine Ltd, controlling shareholder of PT Pelayaran Nasional Bina Buana Raya Tbk, has established a S$300 million medium term note (MTN) Program.
DBS Bank Ltd has been appointed as the sole arranger and dealer of the program. Marco Polo plans to use proceeds from the program for corporate purposes, including refinancing of borrowings and financing investments.
Marco Polo’s net profit soared by nearly 80% to S$15.4 million in the first half of financial year 2013 ended March 31, 2013, while its recurring profit grew by 8.4% to S$11.1 million.
The group’s revenue, however, dropped by 34.4% to S$36.5 million in the period due to the lower revenues recorded by its ship building and repair operations, offsetting higher growth in ship chartering operations.