Marco Polo Indon arm raises $14.3m from IPO
The initial public offering (IPO) of Marco Polo Marine’s Indonesian subsidiary Bina Buana Raya (BBR) has raised around $14.3m, Seatrade Asia online reports.
The company will be listed on the Indonesia Stock Exchange on Wednesday following the successful offering of 600m new shares raising IDR138bn ($14.3m).
With the successful listing of its Indonesian arm Marco Polo is looking to continue growing its presence in the country’s domestic market where cabotage laws have been applied in recent years.
“We will continue to develop BBR as our established Indonesian platform and entrench our market presence by investing in more offshore vessels coupled with being even more discerning with respect to customers’ needs,” said Sean Lee Yun Feng, ceo of Marco Polo.
