MAINBOARD-LISTED Marco Polo Marine's wholly-owned subsidiary Marco Polo Shipyard has secured shipbuilding contracts from Singapore Aquaculture Technologies to construct two units of"smart" floating fish farms, in the marine logistics group's first move into a new market.
MPM, which principally engages in shipping and shipyard businesses, did not disclose the value of the contracts in its bourse filing on Monday. It said the"smart" fish farms represent a"new era in aquaculture", as they use advanced technology and green processes to produce at least 500 megatonnes of food fish for the Singaporean market annually.
MPM aims to support the government’s vision for the country to become self-sufficient for 30 per cent of its food production by 2030. While the contracts are not expected to have a material impact on the group's consolidated net tangible assets per share and consolidated earnings per share, they are expected to contribute positively to its performance for the financial year ending Sept 30, 2021.