ALDERYSYDE, Alta. — It’s the end of an era at Mullen Transportation, as the company’s founder and major shareholder has announced plans to sell of up to one million shares.
Roland Mullen will still be the company’s major shareholder, maintaining 1,920,000 shares, or 13 per cent of the issued capital. The stocks will be available on the Toronto Stock Exchange under the symbol MTL after all the regulatory approvals are made.
Mullen started the trucking company in 1949 and has guided it through its growth since then. He plans to retire from the Board of Directors in 2003 and has said that his decision to sell off a significant chunk of his investment is consistent with his long-term estate planning objectives.
“When we took this Company public in 1993 I knew there would come a timeto step down. That was part of the decision process,” says Mullen. “Mullen has just finished another great year, is debt free and from my point of view the Company has a very bright future.”
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