Mercantile Shipping Company Limited has founded a 100 percent owned subsidiary—Mercantile Emerald Shipping (Pvt) Ltd—for the purpose of constructing two multipurpose cargo vessels in the Netherlands.

Mercantile Shipping Company Limited upon the request of the Bremer Landesbank has given unconditional and irrevocable guarantees by way of Letters of Support in favour of the Bremer Landesbank to furnish Mercantile Emerald Shipping (Pvt) Ltd with sufficient funds throughout the term of financing, enabling Mercantile Emerald Shipping (Pvt) Ltd to fulfil all its obligations under the loan agreement with Bremer Landesbank, which amounts to EUR 8,060,675 per vessel.

The notice is hereby given in order to comply with the requirements of section 9 of the existing CSE rules.