Company Briefs : Marco Polo Marine

Marco Polo Marine

Marco Polo Marine has posted a full-year net loss of $312.7 million, widening from a loss of $16.9 million previously.

This was mainly due to an increase in other operating expenses to $253.1 million, compared with $10 million for the previous financial year.

Loss per share worsened to 92.91 cents from five cents last year. Full-year revenue decreased by 18 per cent to $38.6 million.

The offshore support vessel group said it expects to wrap up the last leg of its debt restructuring exercise early next year.

Marco Polo said its Batam-based subsidiary secured approval from the Indonesian court on Dec 18 for its restructuring proposal under the PKPU (Penundaan Kewajiban Pembayaran Utang) regime. It added that the last step towards the completion of the debt restructuring exercise relates to the restructuring of its Indonesia-based OSV operating subsidiary, PT BBR.

Oxley Holdings

A unit of international property developer Oxley Holdings has taken a 25.5 per cent stake in an Australian firm.

The mainboard-listed group said Oxley Australia had subscribed for over 4.8 million shares in Pindan Capital Mermaid Beach, which has an issued share capital of A$19 million (S$19.8 million).

The remaining share capital comprising 14.2 million shares is held by Pindan Capital Investments, a wholly owned subsidiary of Pindan Group. Oxley Holdings holds a 40 per cent stake in Pindan Group.

Pindan Capital Mermaid Beach has acquired a 1,417 sq m site in the centre of Broadbeach and Mermaid Beach on the Gold Coast, Australia, and intends to undertake a high-rise residential development on the site, subject to obtaining all relevant regulatory approvals.

k1 Ventures

Investment holding company k1 Ventures said its wholly owned subsidiary, FSHCO Holdings, will be placed under members' voluntary liquidation. It added that filings will be made in Singapore for the liquidation, and this liquidation is not expected to have any material impact on the net tangible assets or earnings per share of the group for the financial year ending June 30, 2018.

The firm had suspended trading of its shares on the Singapore bourse since Nov 20 to "avoid market speculation on the value of the company", it said previously.

A version of this article appeared in the print edition of The Straits Times on December 28, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe