(Alliance News) - Mercantile Ports & Logistics Ltd said on Thursday it has appointed a new chair and it is making progress in relation to the contract signed with Daewoo Tata JV.
The port developer said it has promoted Independent Non-Executive Director Jeremy Warner Allen as chair. He will be taking over from Nikhil Gandhi who will remain on the company's board as director, as well as on the board of its wholly-owned subsidiary in India, Karanja Terminals and Logistics Pvt Ltd as founding partner.
"Jeremy is the right person to chair the board as the company's operational activity increases. I remain fully committed to the board, management and to all our stakeholders and will continue to play my part in strengthening and growing the company in the many years to come," said Gandhi
In a separate statement, Mercantile also said that it was "encouraged" by progress made in regards to on-site infrastructure works for its Daewoo Tata JV contract. The company said it expects to start gaining revenue from the contract in April.
In September, Mercantile signed a deal with Tata Projects Ltd and Daewoo Engineering & Construction, with the deal expected to secure the firm GBP5.5 million in revenue over a 40-month period.
The company noted that other larger contracts were taking longer to negotiate than expected but confirmed that all discussions with potential customers which took place remained positive. It said it was "confident" that the ongoing talks would result in contracts which would generate "meaningful" revenue in 2020.
"I truly believe in the potential of MPL and have full confidence that we will deliver a profitable and valuable business to all our stake holders. I have no doubt that the future will be exciting for the company and I look forward to playing my part in growing the business and the platform as a whole," said Jeremy Warner Allen on his appointment.
Mercantile shares were up 1.2% at 1.24 pence each on Thursday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Mercantile Ports & Logistics (MPL)