Uni-Asia starts internal restructuring via scheme of arrangement

Singapore-listed Uni-Asia stated that the proposed internal restructuring and scheme of arrangement were delivered to the Registrar of Companies in the Cayman Islands for registration last Friday, upon which the scheme became effective.

Uni-Asia had announced in January this year that the internal restructuring would see the group enter into a deal with NewCo Group, a new investment holding firm incorporated in January 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.

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

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