Marco Polo Marine Ltd, a leading regional marine logistics company, has signed a conditional sale and purchase agreement with Fuji Offset Plates Manufacturing Ltd for a reverse takeover valued at up to S$139m. The agreement involves Fuji Offset Plates acquiring the entire issued share capital of Marco Polo Shipyard Pte Ltd and MP Marine Pte Ltd, which operate the group’s shipyard business, including PT Marcopolo Shipyard in Indonesia.
The terms of the agreement, initially outlined in a binding term sheet on 15 May 2026, remain largely unchanged. The shipyard business is valued at a base consideration of S$120m, with an additional deferred earn-out of up to S$19m. The shipyard business reported a revenue of S$72.8m and a net profit after tax of S$10.6m for the first nine months of FY2026.
Upon completion of the transaction, Marco Polo Marine will hold approximately 74.1% of the enlarged purchaser, which will be renamed MPSE Ltd. This stake could increase to 76.8% following the full issuance of the deferred consideration shares.
Sean Lee, Executive Director and CEO of Marco Polo Marine, stated, “Signing the definitive agreement takes the proposed transaction from intention to commitment. The nine-month results we are disclosing today show a shipyard business that has recovered strongly.” He emphasised that the transaction will provide the shipyard business with its own access to capital whilst allowing shareholders to continue participating through Marco Polo Marine’s controlling stake.
The completion of this transaction is expected to enhance market visibility and provide a dedicated platform for the shipyard business’s growth and capital access.
