Marco Polo Marine has raised about €14m (S$21m) through a private share placement to support business expansion including offshore wind activities.
The company said the placement involved the issuance of 144,865,920 new ordinary shares at an issue price of S$0.145 per share.
Maybank Securities Pte Ltd acted as placement agent for the transaction, the company added.
The placement attracted institutional investors including Areca Capital, Asdew Acquisitions, Astral Value Fund VCC, Evolve Capital Management, Ginko-AGT Global Growth Fund, ICH Synergrowth Fund, Lion Global Investors Ltd and Value Partners Hong Kong Limited.
The company said the net proceeds will be used to support its project pipeline and fund capital expenditure in line with its expansion plans.
The funds will also support efforts to enhance the group’s fleet of specialised vessels to meet growing demand for sustainable marine logistics solutions in Asia.
“We are delighted with the strong support for our private placement, which reflects a clear endorsement of our vision and strategy,” said Marco Polo Marine chief executive Sean Lee.
“This successful fund-raising exercise provides us with the capital to pursue our pipeline of value-accretive projects and further solidifies our position as a key player in the region’s energy transition.”
“We are pleased to have acted as placement agent for Marco Polo Marine in this transaction,” said Maybank Securities chief executive Aditya Laroia.
“The strong investor response is a clear reflection of the market’s confidence in the Company’s strategy and its well-positioned franchise in the offshore marine sector.”