Singapore’s Marco Polo Marine is looking to raise over $15m from a private placement.

It will collect SGD 14.53m ($11.06m) from the sale of shares borrowed from four major stakeholders and a further SGD 6.66m from the sale of fresh shares, a statement explains.

Marco Polo will use SGD 10.6m of the cash to help cover the capital expenditure commitments of its offshore business.

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