INDONESIA; SINGAPORE —Fuji Offset Plates Manufacturing has signed a definitive conditional sale and purchase agreement to acquire the shipyard operations of Marco Polo Marine for up to S$139 million through a reverse takeover transaction. Under the terms of the agreement, the purchasing entity will issue new ordinary shares valued at S$0.701 each, covering a base valuation of S$120 million alongside an earn-out provision capped at S$19 million tied to profit targets through late 2027. Upon transaction completion, Marco Polo Marine will retain a controlling equity stake of approximately 74.1 percent in the combined enterprise, which will subsequently be rebranded as MPSE Ltd. To facilitate the reverse takeover, the purchaser intends to divest or wind down its existing core operations within twelve months.
The creation of an independently listed shipyard enterprise provides enhanced transparency by separating the manufacturing and repair units from parent vessel-chartering operations. Unconsolidated financial performance for the shipyard business demonstrated a recovery, generating S$72.8 million in revenue and S$10.6 million in net profit over the nine-month period ending June 2026, supported by an order book totaling S$298.5 million. Placing the shipyard unit on its own public trading platform establishes a dedicated capital-raising channel, eliminating intra-group revenue eliminations on public reports and allowing equity markets to directly value the unit's underlying operational trajectory.
This transaction signals continued corporate restructuring within Southeast Asia's maritime and offshore engineering market. Marco Polo Marine operates integrated marine logistics, shipbuilding, and ship repair services, utilizing a 34-hectare shipyard facility in Batam, Indonesia, equipped with four dry docks that support regional commercial shipping and offshore energy infrastructure. The transaction highlights growing demand for regional repair and shipbuilding capacity driven by commercial fleet renewals and offshore wind farm support operations across Asian waters. The deal remains subject to regulatory approvals from the Singapore Exchange, shareholder consent, and fulfillment of custom closing conditions scheduled prior to mid-2027.
For market participants and investors, the transaction establishes a standalone pure-play investment vehicle focused on shipyard services and renewable energy infrastructure support. The restructuring allows Marco Polo Marine to unlock embedded asset value while maintaining majority operational control, creating an independent corporate balance sheet to fund ongoing shipyard expansions without diluting parent company equity holders.
