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Allcargo Logistics to demerge project division of MHTC Logistics

Allcargo Logistics has received an approval to demerge the project division of MHTC Logistics in favour of the company with effect from April 1 2012 as the Appointed Date. The board of director at its meeting held on February 14, 2012 has approved for the same. MHTC Logistics is the wholly owned subsidiary of the company.

Further, the board has discussed the demerger of the non vessel operating common carrier (NVOCC) business of the company and constituted a committee of directors to advise the board of directors on determination of the valuation of the NVOCC business, suggest share entitlement ratio, formulation of the scheme of arrangement and matters incidental or related thereto.

Allcargo Global Logistics offers direct outbound and inbound LCL group age services to and from over 4,000 major cargo destinations worldwide. It provides a gamut of services through a direct and active presence in LCL consolidation, CFS/ICDs, project logistics, equipment hiring & transportation and warehousing.

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