Tuesday, March 20, 2012

Cargotec Corporation considers listing subsidiary on SGX

SINGAPORE: Finland-based industrial machinery maker Cargotec Corporation is currently evaluating a listing of its subsidiary, Cargotec Marine, on the Singapore Exchange (SGX).

Cargotec Marine, a maritime cargo handling services provider, is one of three reporting segments of Cargotec Corporation.

In a statement on Monday, Cargotec said a listing of Cargotec Marine on the SGX will strengthen its business presence and growth in Asia.

The listing could also lead to further business opportunities, especially in the offshore industry, the company added.

"The listing of Cargotec Marine would enable improved focus and provide new opportunities for Cargotec's Terminals and Load Handling segments, thus increasing overall shareholder value of Cargotec," said Mikael M?kinen, President and CEO of Cargotec Corporation.

Already, more than 70 per cent of Cargotec Marine's sales are generated in the Asia-Pacific region.

The parent company said it has engaged two major global investments banks to advise on the evaluation and the process is expected to be completed by the end of Q3 2012.

Cargotec Corporation said that if the listing of Cargotec Marine is to proceed, it is likely that it would own the majority of its shares.

Cargotec Marine currently has about 2,100 employees. In 2011, it reported sales revenue of 1.21 billion euros (S$2.01 billion).


View the original article here

Source Form Channel News Asia

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