Mercator sells dry bulk arm Mercator Lines $2.20mln

[VK Sharma]

Mercator sells dry bulk arm Mercator Lines $2.20mln Posted: 11 Feb 2016 07:18 AM PST Dry bulk shipowner Mercator Lines (Singapore) Ltd (MLS) will be sold for a token SGD3 ($2.20) by its parent Mercator International to a group of three private equity firms. Mercator announced in a statement to the National Stock Exchange of India that it has entered into a sale and purchase agreement to sell the entire stake of 900,850,000 shares of MLS to Bellerophon Holdings Pte Ltd Singapore, MIB Investments Private Limited Singapore, and Wroclaw Holdings Limited Singapore. The proposed transaction, expected to be completed by 25 March 2016, will effectively allow Mercator to write-off MLS’s debts of around $164m.