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Uni-Asia Group acquires vessel for US$13.5 million

Uni-Asia Group announced on Wednesday that it has acquired a 29,256 dwt second-hand bulk carrier for approximately US$13.5 million.

This amount was derived after taking into account the value in use of the vessel. No external independent valuation was conducted on the vessel. The amount will be derived from a combination of internal funding and external debt financing, said the group in a filing to the Singapore Exchange.

The seller is Glory Bulkship, which is 45 per cent owned by Uni-Asia Group's wholly owned subsidiary, Uni-Asia Holdings Limited, and 55 per cent owned by unrelated third parties.

A new wholly owned Panama-incorporated company known as Fulgida Bulkship was acquired as a ship-owning subsidiary for the purpose of the vessel.

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Uni-Asia 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.

Any revenue generated by Fulgida Bulkship and the vessel is expected to contribute to the consolidated revenue of the company in the financial year ending Dec 31, 2017.