Mercator Lines (Singapore) Limited operates as a dry bulk shipping company. The company charters maritime vessels on short-term and long-term contracts; and provides marine transportation services. It transports coal, grains, iron ore, alumina, bauxite, steel and offers logistics solutions from the load port to the point of usage.
It is now officially out that Mercator Lines, is searching again for other investors who are to accept the business’s major intangible assets; it’s listing status. This comes after a fall out with Mr. Dimitrios Podaridis and Mr. Nickolaos Mitropoulos, the two investors who entered into the same agreement on April 2017.Mr. Yit Chee Wah was appointed as the company’s judicial manager in order to evaluate all of the available options to preserve the value of the company’s assets.
Mr. Yit Chee Wah, the company’s judicial manager, said that he has terminated the agreement between the company and two persons in a filing to the Singapore Exchange on 12 July 2017. Nicholas Mitropoulos is the sole shareholder of Country Fresh Milk Pty Ltd and Champion Commodities Pty Ltd while Dimitrios Podaridis wholly own the Champion Beverages Pty Ltd. The two individual parties had signed an agreement to transfer their shareholdings by way of a scheme of arrangement.