Marco Polo Marine

Marco Polo Marine: Announced that its associate company, PT Pelayaran Nasional Bina Buana Raya Tbk (BBR), has successfully concluded its IPO with listing on the Indo Stock Exchange slated for debut on 9 Jan13. With 600m new shares issued at IDR230 each, the IPO raised gross proceeds of about US$14.3m. 96% of the 600m new shares were fully placed out to institutional investors and high net worth individuals; the rest belonged to the retail tranche which was 22x subscribed. OCBC note that as a separate listed entity, BBR will be able to tap on more sources of financing for expansion plans in the high-growth Indonesian market. As its offshore vessel fleet grows, it may also be able to brand itself as an entity for investors to gain exposure to Indonesia’s offshore sector. House maintain BUY with $0.56 TP. We would like to also highlight that on 7th Jan, Grp’s executive Chairman, Mr Lee Wan Tang bought 1.5m shares at $0.395/share, according to SGX filings.