Mercator Lines Singapore Subsidiary to come with IPO

Mercator Lines Ltd has announced that one of the Company's subsidiary 'Mercator Lines (Singapore) Pte. Ltd' proposes to issue fresh ordinary shares by way of Initial Public Offer (IPO) and list the shares on Singapore Stock Exchange. The said subsidiary is being converted into Public Ltd. Company and consequently changing its name to 'Mercator Lines (Singapore) Ltd' ("MLSL"). The subsidiary has strengthened its Board by appointing four additional Directors Mr. H K Mittal, Mr. Atul J Agarwal, Mr. John Walter Sinders Jr., and Mr. Huang Yuan Chiang.

MLSL has received approval of Eligibility to List (ETL) from the Singapore Stock Exchange to list the shares and has also filed the prospectus with Monitory Authority of Singapore (MAS).

The Company through another wholly owned subsidiary in Singapore, Mercator International Pte. Ltd has subscribed to ordinary shares of MLSL for aggregate amount of USD 30 million. Further, the Company has also entered into relevant agreements including limited scope Non competition Agreement with said subsidiary.

The stock closed the day at Rs.111.25, down by Rs.5.25 or 4.51%. The stock hit an intraday high of Rs.118.80 and low of Rs.108.50.

The total traded quantity was 1076818 compared to 2 week average of 2453464.

Source : Equity Bulls

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