Mercantile bid for Richfield appears successful

Sir Ron Brierley-chaired Mercantile Investment Company appears to have been successful in its $21 million bid for Perth-domiciled, Singapore-based shipping business Richfield International.

Richfield chairman Steven Pynt and several directors including CEO Chak Chew Tan have sold their entire stakes into the bid, with Mercantile moving past the 90 per cent holding required for compulsory acquisition of minorities in mid-August.

In other activity with ASX-listed companies with a Perth link, local EY insolvency expert Sam Freeman has become the administrator of Aquaint Capital, a Sydney-domiciled real estate investment group which had operations headquartered in Malaysia.