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Uni-Asia partners major shareholder to acquire four handysize bulkers

Uni-Asia partners major shareholder to acquire four handysize bulkers
Alternative investment firm Uni-Asia Holdings has established new joint ventures with its major shareholder Yamasa to acquire four new handysize bulker carriers.

Uni-Asia and Yamasa will each hold 18% and 82% respectively in the shares of the new joint ventures.

Yamasa has a deemed shareholding interest of 33.46% in Uni-Asia and the latest partnership constitutes “interested person transactions”, according to Uni-Asia.

“The company and Yamasa are now in the process of acquiring the vessels through the new investment companies,” Uni-Asia said.

Four joint venture firms will be created to each own one bulk carrier, and the companies are named Tiara Bulkship, Unicorn Bulkship, Victoria Bulkship and Stella Bulkship.

Over the past year or so, Uni-Asia’s shipowning subsidiary Uni-Asia Shipping has expanded its dry bulk fleet by taking in deliveries of three bulkers in July 2014, February 2015 and March 2015. The company’s strategy is to build up recurring charter income from its ships.

Singapore-listed Uni-Asia also has businesses in property, hotel and asset management.