Marco Polo Marine completed a private share placement that raised gross proceeds of approximately SG$21 million ($16 million) on March 4. The company noted that the exercise drew demand from a select group of new and existing institutional and strategic investors.
The placement comprised the issuance of 144,865,920 new ordinary shares at a price of SG$0.145 per share.
Net proceeds are expected to support the project pipeline and fund capital expenditure, according to Marco Polo Marine.
The company added that this capital injection will provide the financial flexibility to accelerate expansion initiatives, particularly in the offshore wind energy sector, and that the funds will further support efforts to enhance a fleet of specialised vessels to meet demand for marine logistics in Asia.
Chief Executive Officer of Marco Polo Marine Sean Lee stated, “This successful fund-raising exercise provides us with the capital to pursue our pipeline of value-accretive projects.”