Asset Acquisitions and Disposals::ESTABLISHMENT OF A NEW SUBSIDIARY AND ACQUISITION OF A NEW VESSEL

Issuer & Securities

Issuer/ Manager
UNI-ASIA HOLDINGS LIMITED
Securities
UNI-ASIA HOLDINGS LIMITED - KYG9241B1169 - AYF
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
30-Jun-2015 17:00:14
Status
New
Announcement Sub Title
ESTABLISHMENT OF A NEW SUBSIDIARY AND ACQUISITION OF A NEW VESSEL
Announcement Reference
SG150630OTHR09BL
Submitted By (Co./ Ind. Name)
Lim Kai Ching
Designation
Group CFO
Effective Date and Time of the event
30/06/2015 17:00:00
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board") of Uni-Asia Holdings Limited (the "Company") is pleased to
announce that the Company has acquired a new wholly owned Panama-incorporated company
known as Fortuna Containership S.A. ("Fortuna Containership") as a ship owning subsidiary for
the purpose of acquiring a 3,500 TEU second hand containership (the "Vessel") (the "Proposed
Acquisition").

1. Fortuna Containership. Fortuna Containership was incorporated in Panama on 20
May 2015 with an authorised share capital of US$10,000. As of the date hereof, the Company has
paid in cash in full for the subscription of an issued and paid-up share capital of US$10,000
comprising 100 ordinary shares of US$100 each. The acquisition of Fortuna Containership was
made with the Company s internal funds. The directors of Fortuna Containership comprise staff of
the Company and do not include any Directors of the Company.

2. Material Terms of the Proposed Acquisition. The Vessel will be purchased by Fortuna
Containership from Fortitude Containership S.A. (the "Seller") pursuant to an agreement entered
into amongst Fortuna Containership and the Seller on 17 June 2015. The Seller is wholly-owned
by Akebono Fund, which is in turn a private shipping fund which the Company currently invests in
and manages. The total consideration for the Proposed Acquisition is approximately US$18.1
million and was derived at after taking into account, inter alia, the prevailing market price for similar
vessels. No external independent valuation was conducted on the vessel. The vessel was
successfully delivered on 30 June 2015 and is scheduled to be time chartered out to a reputable
charterer on 7 July 2015.

The Company has been considering several funding options to finance the acquisition of the Vessel.
Such financing arrangements will be finalised after further discussions with third party financial
institutions which may extend debt financing to Fortuna Containership.

3. Chapter 10 of the SGX-ST Listing Manual. The Proposed Acquisition is in the ordinary
course of the Company's business. In view of the foregoing, the Proposed Acquisition would not
constitute a "transaction" for the purposes of Chapter 10 of the Singapore Exchange Securities
Trading Limited Listing Manual.

4. Financial effects. The acquisition of Fortuna Containership and the Proposed
Acquisition are expected to contribute to the revenue of the Company in the current financial year
ending 31 December 2015. Save as disclosed above, the acquisition of Fortuna Containership and
the Proposed Acquisition are not expected to have any material impact on the net tangible assets
per share, earnings per share and operating results of the Company for the current financial year.

5. Interests of Directors and Controlling Shareholders. None of the Directors and
controlling shareholders of the Company has any interest, direct or indirect, in the Proposed
Acquisition.

Attachments

Uni-Asia-2015-06-30 ESTABLISHMENT OF A NEW SUBSIDIARY AND ACQUISITION OF A NEW VESSEL.pdf
Total size =41K