Lee Wan Tang, the former executive chairman of SGX-listed Marco Polo Marine, has entered into a share purchase agreement on Aug 21 to acquire 121.8 million shares in the company at 3.3 cents apiece.
The transaction is expected to be completed on or before Oct 31.
Following the purchase, Lee will hold a direct stake of 148 million shares, or 4.19% of the company’s total share capital, from 0.75% previously.
Lee’s purchase will value Marco Polo Marine at $106.2 million.
Including the Lee family’s interest held through Nautical International Holdings, the family will become the largest shareholder of Marco Polo Marine with a total shareholding of 19.7%, upon the completion of the transaction.
Shares in Marco Polo Marine closed 0.1 cent higher or 3.03% up at 3.4 cents on Aug 23.