Dubai’s Transworld Holdings has announced ts intention to voluntarily delist the equity shares of its Indian subsidiary, Shreyas Shipping & Logistics, a container feeder operator.
Transworld cited the enhanced operational flexibility, and less costs as reasons to take the boxline private.
Under Indian stock market rules, Transworld can take the line private once it accrues 90% of the shareholding. It currently controls 70.44%.
Commenting on the offer, Sivaswamy Ramakrishnan, chairman of the Transworld Group, said, “Transworld Group continues its efforts to simplify the group structure. This proposed transaction is fully aligned with the robust strategy pursued over the years. It will transform the group’s credit profile while offering a fair exit price to minority shareholders. Provided it can be completed at a price that balances the needs of all stakeholders, it has the potential to fundamentally reposition our business for the future.”
