Investor Michael Kum has further raised his stake in Marco Polo Marine after buying 60 million shares at 13 cents each from Penguin International.
Kum, who is holding his investment in Marco Polo Marine via Halom Investments, now owns a total of 225 million shares, or 5.77% of the company.
He first emerged as a shareholder of Marco Polo Marine on Jan 22 after he paid 13 cents each for 150 million shares, buying from Apricot Capital.
Sean Lee, CEO of Marco Polo Marine, calls Kum "a luminary" in the maritime world, and his decision to make a further investment is the strongest possible validation of the "strategic direction, operational excellence, and the growth potential we are unlocking in both the offshore oil and gas and renewable energy sectors.”
Separately, on March 5, Kum, who is also a non-executive chairman of Atlantic Navigation, raised his stake by buying over $13 million worth of shares at 10 cents each via a married deal with CEO Bill Wong.
Kum, who holds his interest via an entity called Saeed Investment, now controls 75.1% of Atlantic Navigation, up from just over 50%.
Marco Polo Marine shares closed at 16 cents on March 6, unchanged for the day; Atlantic Navigation shares closed at 12 cents, up 0.84%.
