ICAP Shipping announces acquisition of CTI Shipbrokers (India) Pvt. Ltd
London and Singapore, 27 September 2012 – ICAP Shipping, the shipping business of ICAP plc, the world’s leading interdealer broker and provider of post trade risk and information services, today announces that it has acquired shares with a gross asset value of US$2.464million in CTI Shipbrokers (India) Pvt. Ltd (CTI India) from Captain Jaideep Kapoor and Tradex Chartering & Trading Private Limited. Following this acquisition, CTI India has become a 100% owned ICAP company. Captain Kapoor will remain with the company as Chief Executive Officer of CTI India.
CTI India’s core business is in dry, tanker and sale and purchase broking. The acquisition provides ICAP Shipping with a subsidiary in India with offices in New Delhi and Mumbai employing 28 people.
Henry Liddell, Chief Executive Officer of ICAP Shipping, said: “We are delighted to have completed this acquisition. ICAP Shipping will now be able to take advantage of the exciting opportunities and increasing shipping demand in India and the potential for strong growth in shipbroking as a result. This acquisition will put ICAP Shipping at the forefront of this developing market”.
|Serra Balls||Head of Public Relations||+44 (0) 20 7050 7124|
|Alex Dee||Head of Investor Relations||+44 (0) 20 7050 7123|
|Candice Adam||Argentus PR||+44 (0) 20 7397 2915|
About ICAP Shipping
ICAP Shipping offers a broad spectrum of shipping services, including dry cargo and tanker chartering, sale and purchase, freight derivatives and research. The company operates out of London, Singapore, Stamford (Connecticut), Shanghai, Hamburg and Gibraltar. Additional information can be found at www.icapshipping.com