According to a letter issued on 30th April, 2019, the company Mercator Ltd. has announced plans to sell their vessels as a part of their strategic plan, reports the Hindu Business Line.
- The company has sold their Very large Crude Carrier – Nerissa (VLCC), built 2006, for a total consideration of USD 27.5 Mn (Net).
- The proceeds of this sale is being used to reduce the debt and other liabilities of the company.
- The buyer does not belong to Promoter/ Promoter Group Companies.
- The aforesaid transaction does not fall within the definition of related party transactions and not a material related party transaction.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: The Hindu Business Line
