For context, FOPM is founded and controlled by the Teo family, who are also substantial shareholders in MPM via Apricot Capital. It is also noteworthy that Lim Ah Cheng (or AC Lim, as he is known in the offshore and marine circles), the former executive chairman of Dyna-Mac Holdings, announced plans in May 2025 to acquire a 16.7% stake in FPOM by buying new shares at 45 cents each.
On May 15, in addition to announcing a stronger y-o-y set of results for 1HFY2026, Mainboard-listed Marco Polo Marine (MPM) also announced a significant transaction that could shape its future direction.
The transaction is a reverse takeover (RTO) of its shipyard business — comprising Marco Polo Shipyard and MP Marine — by Catalist-board Fuji Offset Plates Manufacturing (FOPM).
