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Announcement Of Delivery Of Vessel
BackJul 31, 2014
| Announcement Title | Asset Acquisitions and Disposals |
| Announcement Subtitle | ANNOUNCEMENT OF DELIVERY OF VESSEL |
| Securities | UNI-ASIA HOLDINGS LIMITED (UNIASIA) |
| Date & Time of Broadcast | Jul 31, 2014 17:00 |
| Submitted By | Lim Kai Ching CFO |
| Effective Date and Time | Jul 31, 2014 17:00 |
| Description | ANNOUNCEMENT OF DELIVERY OF VESSEL The Board of Directors of Uni-Asia Holdings Limited (the "Company") is pleased to announce an update on the progress of the vessel acquisition project of Jubilee Bulkship S.A. ("Jubilee Bulkship Project") under Uni-Asia Shipping Limited ("Uni-Asia Shipping"), a wholly owned subsidiary of the Company. 1. Jubilee Bulkship Project. As announced previously on 26 April 2013, Jubilee Bulkship S.A. ("Jubilee"), a wholly owned subsidiary of Uni-Asia Shipping, has acquired a 37,000 dwt newbuilding handysize bulk carrier pursuant to the shipbuilding contract on 25 April 2013, for which the vessel was built by Imabari Shipbuilding Co., Ltd. The vessel was successfully delivered on 31 July 2014 by Imabari Shipbuilding Co., Ltd. and was immediately time chartered out to Pacific Basin. Jubilee entered into a loan agreement with NTT Finance Corporation, for a loan facility of US$19.2 million and the facility was fully drawn down by 31 July 2014. NTT Finance Corporation is not related to the Company and its subsidiaries, the Company s controlling shareholders and directors. The loan was used solely for the purpose of the acquisition of the vessel. 2. Uni-Asia Shipping Vessel Acquisition Projects. Uni-Asia Shipping has acquired nine vessels to date since its establishment on 12 April 2010, each as announced on 25 May 2010, 22 September 2010, 26 January 2011, 14 March 2011, 18 August 2011, 26 April 2013 and 4 March 2014. Among nine vessels, six vessels were delivered including the vessel owned by Jubilee, and contributing to the group's profit. With the increase in resources, the Company has, through Uni-Asia Shipping, increased its activities in ship owning and chartering, in addition to its existing service coverage which includes ship financing arrangement, ship investment management, ship technical management as well as ship brokerage, with the aim of being an integrated shipping service provider. Uni-Asia Shipping expects further delivery of three remaining vessels between 2015 and 2016, with the aim of building up a cost-competitive fleet of handy bulk carriers. The revenue from the charter of the vessel acquired by Jubilee, as well as the remaining three vessels (when delivered) will contribute towards increasing the Company's stable recurrent income flow. For and on behalf of Uni-Asia Holdings Limited 31 July 2014 |
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