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Sical Logistics divests Palm Oil business to Soyumm Marketing

Sical Logistics Limited, India's leading integrated multimodal logistics provider is in the process of hiving off its non-core businesses to enable the company to focus on its core business of logistics. In line with this strategy, it has decided to sell its stake in its 100% subsidiary under the name of Mac Oil Palm Limited. The company was incorporated on 10th February 2006 for transferring the palm oil business.

Chennai, Tamil Nadu, April 12, 2007 /India PRwire/ -- Sical Logistics Limited, India’s leading integrated multimodal logistics provider is in the process of hiving off its non-core businesses to enable the company to focus on its core business of logistics. In line with this strategy, it has decided to sell its stake in its 100% subsidiary under the name of Mac Oil Palm Limited. The company was incorporated on 10th February 2006 for transferring the palm oil business.

To unlock the real value in the Palm Oil Business, it was decided by the Company to demerge the same into Mac Oil Palm Ltd. The scheme of demerger was sanctioned by the Hon’ble High Court of Madras dated 12th January 2007 after approval from shareholders. The Scheme became effective on 5th February 2007, when the court order was filed with the ROC.

The Company has sold its entire holding to Soyumm Marketing & part of the Ruchi Group, for a consideration of Rs 29.37 crore. The company has concluded the transaction of sale of its shares in Mac Oil Palm Limited today.

Mumbai based Singhi Advisors were the sole advisors to Sical for this sale.

Notes to Editor

About Sical

Sical Logistics Ltd is India’s leading provider of integrated multi-modal logistics for bulk and containerized cargo-port logistics; inland logistics; container logistics; and offshore logistics. Sical’s delivery network includes an exclusive walk-in berth at Chennai for ships carrying bulk cargo; a container terminal at Tuticorin, 1.9 million square feet of storage across over 100 warehouses; owned and regularly contracted fleet of over 2400 transport vehicles, and container freight stations at 4 locations across India. Sical’s FY 2005-06 revenue was Rs. 9.60 billion on Rs. 301.9 million equity capital.

For further information, please contact
Ms. Samantha Unnikrishnan
Ogilvy Public Relations Worldwide
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Fax: +91-44-44344710
Email: samantha.unnikrishnan@ogilvy.com

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