MORTICE LIMITED (MORT) - Admission to Trading on AIM
Mortice Limited, a security and facilities management company based in India, announced this morning the commencement of dealings on AIM following a placing at 65p per share to raise a total of £5 million.
Mortice Limited, incorporated in Singapore, is the holding company of Tenon Property Services Private Limited, and the ultimate parent company of Peregrine Guarding Private Limited, the two operational companies of the Group which are based in India.
Peregrine has provided security services in India for 13 years with a client base of over 450 customers and is developing a strong pan-India presence providing manned guarding operations in the process. By 30 September 2007 the Peregrine Group operated in 51 locations in 19 out of the 28 Indian states and had clients in a range of sectors including information technology enabled services, telecoms, manufacturing, pharmaceutical, banking and healthcare.
Mortice intends to utilise the platform provided by the Peregrine Group to grow the Tenon business, to manage and provide project, property and facilities management services in the Indian market.
The Group has a strong management team with experience in setting-up, managing and delivering integrated facilities services to the Indian corporate real estate sector. The key objective of the reorganised Group is to provide integrated property services in India and the Directors believe that such services will enable the Company to provide total end-to-end management solutions to India’s growing corporate real estate sector.
The growth of the Indian economy has resulted from various political, economic, social and technological drivers that, in turn, have created a significant opportunity for the development of the property and facilities management market throughout the sub-continent. The Indian economic outlook, in the short to medium term, is distinctly upbeat with expected growth at circa 8 per cent. per annum until 2020. Coupled with this the market opportunity for facilities management and property services has been estimated at $6 billion over the next three years.
The Indian Facilities Management (FM) market has grown significantly with the growth of the Indian ‘off-shoring’ industry though it had developed well before the ITES boom. The opportunities are considered greater than in other emerging markets as Indian companies previously followed a model of ‘out-sourcing’ to property management companies similar to the situation in the UK where companies contracted out services prior to the development of the FM industry. In order to compete in the current market which is characterised by increasing labour and infrastructure costs, the FM industry requires companies which can self-perform their services in order to unlock value throughout the supply chain.
Mortice has an experienced management team with considerable knowledge of setting-up, managing and delivering the proposed services gained from - the establishment of the FM arms of 3 of its 4 major competitors in the Indian market.
Mortice will be led by Manjit Rajain, as Executive Chairman and Andrew Barker, Executive Director with Arun Duggal, Non-executive Director and Dr. Keith Hellawell QPM, Non-executive Director
Commenting on the listing of Mortice on AIM, Major Manjit Rajain, Executive Chairman of Mortice said:
“Since starting the company thirteen years ago we have enjoyed an unbroken record of growth, and have created one of the most successful security companies in India and a platform from which to continue to grow our facilities management business.
We see no reason why this level of growth should not continue and are excited to be listing on AIM which will allow us to accelerate this further and to expand our services both in terms of geography and in the range of services we offer”
For further information about this admission please visit the company website www.morticegroup.com