Singapore-listed alternative assets direct investment firm Uni-Asia Holdings has established a new wholly owned subsidiary in South Korea to promote the company’s ship-related services in the country.
The new subsidiary, known as Uni Ships and Management Korea (Uni Ships Korea), has completed the business registration to commence its operation on 3 June, after a paid-up share capital of KRW100 million (USD89,000). The paid-up share capital of Uni Ships Korea was internally funded and has been fully paid in cash in April.
In addition, all the shares issued by Uni Ships Korea are owned by Uni Ships and Management (Uni Ships), which is a wholly owned subsidiary of Uni-Asia.
The directors of Uni Ships Korea are Michio Tanamoto, Masaki Fukumori, and Antonio Park. Michio Tanamoto and Masaki Fukumori are directors of Uni-Asia, while Antonio Park will be appointed as the general manager of Uni Ships Korea.
Previously, Uni-Asia has posted a profit of USD285,000 in the first quarter in 2015, down 76% year on year (y/y) despite having higher charter revenue recorded for the period. Charter income rose 30% y/y to USD6 million in the same period.
However, the gains were offset by negative investment returns, as well as fair value losses of USD700,000 recognised from shipping investments amid the depressed shipping market.