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 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.
