Madras HC's nod for Sical Logistics' de-merger

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Chennai, Jan 7 (UNI) Sical Logistics Ltd, a leading integrated multi-modal logistics solutions provider for bulk and containerised cargo and offshore logistics, has received Madras High Court's sanction for the de-merger of its non logistics businesses into a wholly owned subsidiary, Sicagen India Limited, with effect from October one, 2006.

''The approval marks the successful completion of the de-merger process, initiated by Sical in the beginning of 2007. The de-merger is an important step in the company's restructuring efforts and will enable dedicated focus on its core business of bulk, container and offshore logistics,'' a company release here said.

As per the scheme sanctioned by the court, all the shareholders of Sical would be allotted an equity share in Sicagen at a premium of Rs 74.50 per share, credited as fully paid up for every one share held in Sical, it said.

As a result of the de-merger, Sicagen would consist of trading and service undertakings and coffee plantations. The trading companies would comprise building materials and vehicle sales, while the services undertakings would consist of travel related services, ship building and repairs, governor services and windmill generation, the release said.

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