Shares in Mercantile Ports and Logistics Ltd (LSE:MPL), the AIM-listed owner of a port facility in Navi Mumbai, almost doubled to 0.85p after the company appointed a former senior CIA official to its board and signalled it is looking at opportunities outside India.
Marty Martin, who spent roughly three decades in the US intelligence community, including serving as CIA chief of station for the Near East Division, will join the board subject to completion of regulatory processes.
The company said the appointment will support MPL as it pursues legal action to protect its Karanja port asset and evaluates strategic opportunities in jurisdictions offering greater transparency and predictability for international investors.
MPL has been locked in a legal dispute over its Karanja Terminal and Logistics subsidiary in Mumbai, having formally challenged a creditors' committee decision to approve a resolution plan that the company says was fundamentally flawed.
The National Company Law Tribunal, Mumbai's insolvency court, has issued notice in the proceedings and directed respondents to file replies, with a further hearing listed for 8 June.
Managing director Pavan Bakhshi said there are substantial opportunities for MPL outside India and that Martin's international strategic experience would be invaluable as the company evaluates those while continuing to fight for its existing asset base.
Separately, Karanpal Singh has stepped down from the board, with the interests of his Hunch vehicle continuing to be represented by Amit Dutta.