UPDATE: Stake changes: Dymon Asia Private Equity deemed substantial Marco Polo shareholder

Singapore five-dollar note Photo by Leslie Shaffer

Singapore substantial shareholder changes: Dymon Asia Private Equity (S.E. Asia) II and Marco Polo Marine.

This item was originally published on Tuesday, 21 December 2021 at 23:43 SGT; it has since been updated to include Jeffrey Hing Yih Peir. 

Emet Grace, which became the controlling shareholder of Penguin International earlier this year, reported Tuesday it is also deemed a substantial shareholder of Marco Polo Marine, as are the concert parties in the acquisition of Penguin shares.

The concert parties in the offer were Fairy L.P., acting by its general partner Fairy Ltd., Diamond GP Holdings II, Dymon Asia Private Equity (S.E. Asia) II and Dymon Asia Private Equity, or DAPE.

Penguin International holds a direct interest in 8.62 percent of Marco Polo’s shares.

By March of this year, Emet Grace and its concert parties were deemed interested in those shares, but no notification to the exchange was filed at the time, according to a filing to SGX Tuesday. Earlier this month, it came to the concert parties’ attention that that may be obligated to make the notification on an urgent basis, the filing said.

In January 2021, Emet Grace had offered to acquire all of Penguin International Ltd.’s shares; at the close of the offer in April, Emet Grace owned, controlled or had agreed to acquire 80.05 percent of Penguin’s shares.

Fairy L.P. owns 40 percent of Emet Grace. Diamond GP Holdings II, which owns all of Fairy Ltd., is wholly owned by Dymon Asia Private Equity (S.E. Asia) II, which in turn is wholly owned by DAPE. Fairy Ltd. manages, controls and makes investment decisions on behalf of Fairy L.P.

Dymon Asia Private Equity (S.E. Asia) II raised US$450 million in 2018.

Jeffrey Hing Yih Peir, who has been executive chairman of Penguin International since 2011 and is a substantial shareholder of Penguin, is also deemed interested in the Marco Polo Marine shares held by Penguin, according to a filing to SGX Wednesday.

Hing has a controlling interest of 55 percent in Emet Grace, the filing said.