SINGAPORE - Otto Marine, an offshore marine group, has agreed to buy the 10 per cent of shares it doesn't own in Go Marine Group for US$5 million (S$6.3 million).

It will pay the purchase price in new Otto Marine shares, the group said on Monday.

Based on the group's closing share price of seven cents as at last Friday, 89.3 million Otto Marine shares will be issued as consideration for the acquisition.

Prior to the transaction, Otto Marine's wholly-owned unit Otto Ventures already owned about 90 per cent of Go Marine Group's shares. Go Marine Group will become a wholly-owned subsidiary of Otto Marine upon completion of this acquisition.