Uni-Asia seeks internal restructuring by scheme of arrangement

Alternative investment firm Uni-Asia Holdings, which operates dry bulk vessels via shipowning arm Uni-Asia Shipping, has proposed an internal restructure by way of a scheme of arrangement.

Singapore-listed Uni-Asia has entered into an implementation agreement with NewCo Group, a new investment holding firm incorporated in January 2017 with no business operations, for it to acquire all existing issued ordinary shares of par value of $1.60 each held by shareholders.

Upon completion of the proposed restructuring, Uni-Asia will become wholly-owned by NewCo and relinquish its status as a listed company on the Singapore Exchange (SGX). NewCo will instead be listed and traded on SGX.

“The company will cease its function as the listed vehicle within the NewCo Group and continue as the investment holding and operational company carrying out its existing businesses,” Uni-Asia announced.

Apart from dry bulk shipping, Uni-Asia has businesses in property investment and management, and hotel operations.

Uni-Asia also pointed out that by having NewCo as the listed entity on SGX, it will “ring-fence” the listed entity from NewCo’s operating entities and direct operational risks including possible claims and litigation.

The proposed restructuring also seeks to achieve ease and flexibility for NewCo to acquire new businesses, as well as expand or divest existing business segments when opportunities arise.

“It is purely an internal restructuring exercise undertaken by the company and NewCo to enable a transfer of the shareholding interests of the scheme shareholders in the company to shareholding interests in NewCo,” Uni-Asia explained.

Posted 24 January 2017

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Lee Hong Liang

Asia Correspondent

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