Singapore-listed investment company Uni-Asia Holdings has formed four new joint ventures (JVs) with its major shareholder Yamasa to acquire four newbuilding Handysize bulk carriers.
All four JV companies are incorporated in Panama and are known as Stella Bulkship, Tiara Bulkship, Unicorn Bulkship, and Victoria Bulkship, with each firm owning one bulk carrier.
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Uni-Asia and Yamasa will each hold around 18% and 82% shareholding interest, respectively, in each JV company. Shares acquisition of the new companies is scheduled for completion at the end of August 2015.
Uni-Asia posted a profit of USD3.8 million for the second quarter of 2015, a surge of 156% on a year ago.
Its total revenue for the second quarter was USD21.8 million, up 30% year on year.
About 36% or USD7.8 million of the total income came from Uni-Asia’s chartering business, making it the company’s biggest revenue contributor, compared with other businesses like its hotel and property returns.
According to its filing to the Singapore Exchnage, the company will continue to implement strategies to build a recurring income base; evaluate investment opportunities in shipping, property, and hotel businesses; and make appropriate decisions to support long-term sustainable growth.