India’s Mercator International Pct has entered into an agreement to sell 900.85 million shares of the group’s bulk shipping subsidiary Mercator Lines (Singapore) Ltd.
The shares were sold to Bellerophon Holdings Pte, MIB Investment Private Limited and Wroclaw Holding Limited all from Singapore. Each company purchased 300 million of shares for one Singapore dollar each, totaling in USD 2.15.
The sale is subject to the approvals from the Singapore Exchange as well as the company’s board of directors, Mercator said in a stock exchange filing.
Mercator Lines had a revenue of USD 56.3m (INR 345 cr) for the financial year ended on March 31, 2015. The net worth of MLS on that date was USD 180m which represented about 48% of the consolidated turnover of the company.
The transaction is expected to be completed by March 25, 2016.
World Maritime News Staff