Marco Polo Marine (MPM) plans to boost its shareholding Indonesian shipping company Pelayaran Nasional Bina Buana Raya (BBR) to a majority stake through a rights issue.

MPM currently holds a 34.8% stake in the company, held through wholly-owned subsidiary Marco Polo Indonesia (MPI).

MPI will participate in BRR’s rights issue, providing an undertaking to BBR to fully subscribe for all its rights entitlements under the rights issue, as well as any excess rights entitlements arising from the renouncement by two other substantial shareholders of BBR and the remaining public shareholders, subject to a maximum aggregate subscription amount of US$17 million ($22.6 million). 

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