Sellwin Traders Ltd and Secorbit FZCO, UAE, have signed an MoU for a $2 million project to develop a blockchain-based tokenization platform. The platform will enable the tokenization of equities, bonds, and real-world assets, with a focus on scalability, security, and seamless integration with existing financial and blockchain ecosystems.
Sellwin Traders Ltd shall undertake the development of a comprehensive blockchain-based tokenization platform over the next 24 months, order which was received by Secorbit FZCO. The Board of Directors of the company is schedule to meet on September 25, 2024, to consider issuing bonus shares and approving a stock split, subject to shareholder and regulatory approval. The board will also review a business proposal focused on potential synergies and forward integration to meet evolving customer needs.
The company has also entered into Memorandum of Understanding with SDF Productions Pvt Ltd, an agri-export company specializing in spices, pulses, pulp, rice, tea, fruits, and vegetables. Sellwin expects revenue in excess of Rs. 30 crore from the business arrangement with a healthy margins of 35-40%. Under the MoU, Sellwin Traders Ltd will supply agro products to SDF Productions Pvt Ltd, which will then distribute these products to both Indian and international markets based on purchase orders.
Sellwin will provide financial support to SDF Productions for procurement from Indian suppliers. Recently, SDF Productions secured several orders for mango pulp, including a USD 259,500 order from Ninety Nine Foodstuff Trading L.L.C, two orders totaling USD 130,200 from Shing Exim General Trading L.L.C, and additional orders from The Springs Foodstuffs Trading Co L.L.C.
On July 19, 2024, the Sellwin Board approved acquiring a 51% stake in SDF Productions Pvt. Ltd. This strategic investment aims to expand Sellwin Traders Ltd’s business through market growth, supply chain integration, and revenue enhancement. In April 2024, the company signed a share purchase agreement to acquire a 66.67% stake in Patel & Patel E-Commerce And Services Pvt Ltd. Patel Container signed an MoU at the Vibrant Gujarat Global Summit 2024 to invest Rs. 45 crore in a logistics container manufacturing facility in Bhavnagar, Gujarat. Investment by Sellwin Traders will be utilized to support the establishment of a new manufacturing facility for logistic containers in Bhavnagar District, Gujarat.
The company also plans to invest Rs. 200 million in Shah Metacorp Ltd (BSE & NSE) over the next two years as part of its long-term growth strategy. The investment will support Shah Metacorp's expansion, boost production capacity, enhance R&D, and explore new markets. Board of Directors of the Company at its meeting held on 7th June, 2024 approved the appointment of Mr. Rajendra Naik as the Chief Executive Officer of the Company. Subsequently in the meeting held on 17th August, Mr. Pruthvikumar Prajapati is appointed as the Chief Financial Officer of the company.
For Q1FY25 ended June 2024, company has reported 65.9% growth in revenue from operations to Rs. 16.63 crore as compared to Rs. 10.02 crore in quarter ended June 2023. Net Profit of the company during June 2024 quarter reported rise of 104% to Rs. 70 lakh as against Rs. 34 lakh in quarter ended June 2023. During FY24, company has turn around its business operations and reported 56% growth in total income to Rs. 61.7 crore as compared to Rs. 39.60 crore in FY23. In the previous quarter, the Company completed a preferential issue, allotting 3,17,80,000 convertible warrants at Rs. 12.95 each, raising Rs. 41.15 crore from non-promoter investors.
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