Mercator S'pore unit raises $181mn

Mercator Lines (Singapore), a wholly-owned subsidiary of Mercator Lines, has allocated 270,191,126 ordinary shares at S$0.76 per share via its initial public offering (IPO), and allocated 74,520,799 ordinary shares to the holders of convertible bonds.

According to a release issued by Mercator to the BSE today, the gross proceeds from the issue to Mercator Lines (Singapore) aggregates $181.8 million including $39 million from shares allocated to bond holders ($35 million principal along with accreted interest).

"Upon allotment of the ordinary shares, the shareholding pattern of Mercator Lines (Singapore) will be as under:

1.Mercator International Pte (100% subsidiary of the company): No of shares: 900,850,000; % holding: 72.33%

2. Public (IPO investors): No of shares: 270,191,126;  % holding: 21.69%; and

3. Series A convertible bond holders: No of shares: 74,520,799; % holding: 5.98%," the release added.

The shares are scheduled to be listed on the main board of the Singapore Stock Exchange on December 14, 2007, the release said.