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Uni-Asia buys out Regina Bulkship partner in US$3.6m deal

MAINBOARD-LISTED Uni-Asia Group, which invests in cargo ships and real estate, consolidated its stake in Regina Bulkship at a price tag of US$240,100 for the shares it did not own, the board said on Monday.

The seller, which was not named, also novated a shareholder loan with a face value of some US$3.5 million to Uni-Asia unit Uni-Asia Shipping, for US$3.2 million in cash.

Uni-Asia bought out an unrelated third-party shareholder's 49 per cent stake in the Panama-incorporated subsidiary, which had a book value of US$5.6 million as at Sept 30 and which owns the 37,706-dwt (deadweight tonnage) vessel Inspiration Lake.

Uni-Asia's board said that the deal, paid with internal funds, "gives the Group full control of Regina Bulkship via acquisition at a discounted price" reached on a willing buyer, willing seller basis.

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The transaction is not expected to have any material impact on the consolidated net tangible assets or earnings per share and operating results for the financial year, the board added.

Uni-Asia shares closed up half a Singapore cent or 0.67 per cent to S$0.75 before the announcement.