Mercator Lines to list coal mining unit
India-based Mercator Lines is looking to list its Singapore-based coal exploration and mining unit Oorja Holdings by January 2012, Seatrade Asia reports.
The planned $150m initial public offering is likely to happen either in Singapore or London, according to Atul Agarwal, managing director of Mercator.
“We will not look at divesting more than 30% of the company's shareholding to the public,” Agarwal told The Wall Street Journal. The listing plans are in line with Mercator's strategy to focus more on the fast-growing coal business.
Oorja Holdings currently owns coal mines in Indonesia and Mozambique. “By the next fiscal year, the coal business will likely account for 60% of the total revenue, while shipping will diminish even further as we have no plans of expanding it for now,” Agarwal said.
The planned $150m initial public offering is likely to happen either in Singapore or London, according to Atul Agarwal, managing director of Mercator.
“We will not look at divesting more than 30% of the company's shareholding to the public,” Agarwal told The Wall Street Journal. The listing plans are in line with Mercator's strategy to focus more on the fast-growing coal business.
Oorja Holdings currently owns coal mines in Indonesia and Mozambique. “By the next fiscal year, the coal business will likely account for 60% of the total revenue, while shipping will diminish even further as we have no plans of expanding it for now,” Agarwal said.
