Sellwin Traders signs USD 3 mn MoU with UAE firm, posts 90pc jump in Q3 income

Ahmedabad, Jan 19 (PTI) Sellwin Traders, which reported a 90 per cent jump in income for the December quarter, on Sunday said it has signed a pact with UAE-based Secorbit FZCO for developing a blockchain-based tokenization platform for equities, bonds, and real-world assets at a cost of USD 3 million (around Rs 26 crore).

The platform will be developed for Secorbit to “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”, the company said in a statement.

Sellwin Traders also reported a 90 per cent rise in its revenue for the October-December quarter to Rs 17.42 crore from Rs 9.5 crore in the year-ago period. Net profit zoomed more than three-fold to Rs 0.75 crore in the period.

The board of the city-based company has also approved a proposal to raise Rs 13.75 crore through preferential allotment of up to 2.5 crore convertible warrants at Rs. 5.50 per warrant, the statement said.

The company also announced that its commodity trading subsidiary SDF Productions is looking to take agro-produces like Nagpur Orange and Alphanso Mango pulp to the global market.

The company, which recently bagged orders worth over Rs 25 crore, exports local produce to Iran, the UAE, the Middle East and Germany with plans to expand its presence in Europe, the UK, and CIS markets. PTI HG MR

Source: PTI