Marco Polo Marine plans to spin off its shipyard business via an RTO of Fuji Offset Plates Manufacturing in a deal worth up to $139 million.
The Teo family, who controls Apricot Capital, is a significant shareholder of Marco Polo Marine. The family founded and controls FOPM as well.
Last May, Lim Ah Cheng, former executive chairman of Dyna-Mac Holdings, announced plans to take a 16.7% stake in FPOM by buying new shares at 45 cents each. The Teo family remains the controlling shareholders.
Under Lim, Dyna-Mac, which builds parts for rigs, turned around and for a brief couple of years, was a hot small cap stock riding on the recovery of the offshore and marine sector, before it was acquired by Korea's Hanwha.
Former Dyna-Mac executive chairman Lim Ah Cheng, who is now a substantial shareholder of Fuji Offset Plates Manufacturing / Photo: Albert Chua of The Edge Singapore
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Under terms of the deal, FPOM will issue new shares at 70.1 cents per share, giving Marco Polo Marine a controlling stake of 74.1%.
Currently, besides its Indonesia-based yards, Marco Polo Marine runs a growing chartering business with a focus on the Taiwan offshore market. The company is already aiming for a separate listing of its Taiwan-based business.
Marco Polo Marine explains that by creating a separately listed entity for its yards, it can set up a "transparent platform" for future growth.
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The company points out that a "substantial" portion of the yard's revenue is from intragroup projects—such as its fleet renewal and expansion into offshore wind support, which is eliminated upon consolidation.
"Post-transaction, all revenue will be fully reportable, providing investors with clear visibility into the shipyard's earnings capacity and its strategic role in the offshore wind sector," the company says.
"Furthermore, the spin-off will establish an independent capital-raising platform for the shipyard business, enabling it to fund future growth and expansion based on its own market capitalisation without diluting Marco Polo Marine's shareholders," the company adds.
Sean Lee, executive director and CEO of Marco Polo Marine, calls this deal, which is subjected to shareholders' approval at an EGM to be called, "a pivotal milestone" for the company.
"With the ongoing expansion of our offshore wind operations and our active fleet renewal programme, the shipyard is well positioned for robust, sustained growth," he says.
Separately, the company reported earnings of $11.6 million for 1HFY2026, up 9% y-o-y; revenue was up 40% to $74 million.
So-called adjusted net profit, which excludes forex movements and gains from one-off sale of assets, was up 44% to $13.8 million. In 1HFY2026, revenue from ship chartering improved by 38% to $44.3 million while the shipyard segment was up 43% to $29.7 million.
Marco Polo Marines shares closed at 18 cents, up 2.27%; FPOM shares last traded at 62 cents.
