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Announcement Of Delivery Of Vessel
BackFeb 09, 2015
| Announcement Title | Asset Acquisitions and Disposals |
| Announcement Subtitle | ANNOUNCEMENT OF DELIVERY OF VESSEL |
| Securities | UNI-ASIA HOLDINGS LIMITED (UNIASIA) |
| Date & Time of Broadcast | Feb 9, 2015 17:08 |
| Submitted By | Lim Kai Ching Group CFO |
| Effective Date and Time | Feb 9, 2015 17:00 |
| Description | 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 Regina Bulkship S.A. ("Regina Bulkship Project"), a 51% owned subsidiary under Uni-Asia Shipping Limited ("Uni-Asia Shipping"). Uni-Asia Shipping is a wholly owned subsidiary of the Company. 1. Regina Bulkship Project. As announced previously on 23 January 2014 and 4 March 2014, Regina Bulkship S.A. ("Regina") has acquired a 37,000 dwt newbuilding handysize bulk carrier pursuant to an agreement with Imabari Shipbuilding Co., Ltd. on 3 March 2014. The vessel was successfully delivered on 9 February 2015 by Imabari Shipbuilding Co., Ltd. and was immediately time chartered out to Pacific Basin. Regina entered into a loan agreement with Mega International Commercial Bank Co., Ltd., Offshore Branch ("Mega Bank") for a term loan facility to be used solely for the purpose of the acquisition of the vessel, under which US$17.76 million was drawn down on 6 February 2015 in connection with the delivery of the vessel. Mega Bank is not related to the Company and its subsidiaries, the Company's controlling shareholders and directors. 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, 4 March 2014 and 31 July 2014. Among nine vessels, seven vessels were delivered including the vessel owned by Regina, 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 two 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 Regina, as well as the remaining two vessels (when delivered) will contribute towards increasing the Company's stable recurrent income flow. For and on behalf of Uni-Asia Holdings Limited 9 February 2015 |
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