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Marco Polo plans Jakarta listing for Indonesian arm

Wednesday, 22 February 2012 | 16:30
Singapore-listed Marco Polo Marine plans to list its 49% owned PT Pelayaran Nasional Bina Buana Raya (BBR) on the Jakarta Stock Exchange.
The planned listing is to “make BBR a financially self-sustaining enterprise and one of the avenues to achieve the same is to seek a listing of BBR on a reputable regional stock exchange.”
BBR has appointed PT OSK Nusadana Securities as the manager and lead underwriter for the exercise.
Marco Polo highlighted that there is no assurance on the success of the proposed listing and did not reveal the potential amount that can be raised from the initial public offering.
Last week, Marco Polo announced first quarter net profit of S$4.4m ($3.5m), up from S$4m in the same period of last year. Revenue also grew to S$24m from S$19.4 a year ago.
Source: Seatrade-Asia
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