Business
Preliminary Results
Preliminary Results.
About this update from Mercantile Ports & Logistics Limited
[{"type":"text","content":"\n \nRNS Number : 7488B Mercantile Ports & Logistics Ltd 11 June 2019 \n\n11 June, 2019\n \nMercantile Ports & Logistics Limited \n(the \"Company\" or \"MPL\")\n \nPreliminary results for the year ended 31 December 2018\n \nMercantile Ports & Logistics (AIM: MPL), which is developing a modern port and logistics facility in Mumbai, India, is pleased to announce its preliminary results for the year ended 31 December 2018. These are set out below.\nHighlights\n\n\n\n· \n\n\nInauguration ceremony took place on 8 March 2019 and first revenue generated from customer cargo operations\n\n\n\n\n· \n\n\nAll customs approvals now received and customs IT connections established \n\n\n\n\n· \n\n\nMMB granted lease extension from 30 to 50 years\n\n\n\n\n· \n\n\nMMB granted approval to develop additional 200 acres of land and 1000 meters of waterfront\n\n\n\n\n· \n\n\nCompletion of £29.8 million fund raise\n\n\n\n \nNikhil Gandhi, Executive Chairman of MPL, commented: \"2018 was a year of progress and that has continued into 2019. Customers have been secured and the inauguration ceremony, alongside our first revenue generating cargo movement, were important milestones.\nWith a growing economy and a settled political backdrop which is supportive of infrastructure development and the Company, I am excited about the prospects for MPL.\"\n \n\n\n\nEnquiries:\n\n\n\n\n\n\n\nMPL\n\n\nJay Mehta\n\n\n\n\n\n\n\nC/O Newgate Communications\n\n\n\n\n\n\n\n+44 (0)20 3757 6880\n\n\n\n\n\n\n\n\n\n\n\n\nCenkos Securities plc\n\n\nStephen Keys\n\n\n\n\n\n\n\n+44 (0)20 7397 8900\n\n\n\n\n\n\n\n\n\n\n\n\nNewgate Communications\n\n\nAdam Lloyd/Fiona Norman\n\n\n\n\n(Financial PR)\n\n\n+44 (0)20 3757 6880\n\n\n\n \n \n \n \n \n \n \n \nChairman's Statement\n2018 was an important year for MPL with further progress made on the ground and Hunch Ventures and Investment Limited (\"Hunch Ventures\") taking a 21.75% shareholding in the Company as part of the equity fundraise in December.\nThis endorsement, along with the support shown from institutional shareholders and directors, who all further invested, raised c.£29.8m, enabling the Compan...