Mercator Lines has signed a share purchase agreement for the sale of its 81% stake in Target Ship Management.
The sale of its 81% stake in the Company comprised 426 ordinary shares and realised SGD 128,709.00 in cash. Following the disposal, Target Ship ceased to be a subsidiary of the Mercator Lines.
Mercator state that the transaction is not expected to have a material effect on the consolidated net tangible assets per share and earnings per share of the company for the current financial year.
Common directors have resigned from the Board of Directors of Target Ship and the substantial shareholder also disposed its shareholdings in Target Ship.