| Announcement Title | Asset Acquisitions and Disposals |
| Announcement Subtitle | INCREASE IN THE ISSUED AND PAID-UP CAPITAL OF AN ASSOCIATED COMPANY |
| Securities | UNI-ASIA HOLDINGS LIMITED (UNIASIA) |
| Date & Time of Broadcast | Dec 30, 2014 17:06 |
| Submitted By | Lim Kai Ching CFO |
| Effective Date and Time | Dec 30, 2014 17:00 |
| Description | The Board of Directors (the "Board") of Uni-Asia Holdings Limited (the "Company") refers to the announcements dated 10 September 2008, 5 October 2009, 13 November 2009, 4 January 2010, 28 March 2012 and 9 December 2013 and wishes to announce the increase in the issued and paid-up capital of Glory Bulkship S.A. ("Glory Bulkship"), and pursuant to which the Company has additionally acquired newly issued shares in the capital of Glory Bulkship (the "Acquisition"). 1. Glory Bulkship. As announced previously, Glory Bulkship was incorporated on 21 July 2008 in Panama and currently owns a 29,200 DWT new building handy bulk carrier. Before the Acquisition, the issued and paid up capital of Glory Bulkship was US$3,600,000 comprising 360 ordinary shares of US$10,000, of which 162 shares or 45% were registered in the name of the Company. The remaining shares are held by the two other shareholders of Glory Bulkship. 2. Acquisition. Glory Bulkship has increased its issued share capital from US$3,600,000 to US$4,200,000 by issuing 60 ordinary shares of US$10,000 each, of which 27 shares or 45% of the newly issued shares were allotted to the Company, while the remaining 33 shares or 55% of the newly issued shares were allotted to the other two existing shareholders, in proportion to the number of shares they held. The consideration of US$270,000 for 27 shares issued by Glory Bulkship to the Company was determined on the basis of a subscription of shares at par value. The subscription price of shares in Glory Bulkship to the Company has been satisfied in full by cash on 30 December 2014. After the increase in issued and paid-up capital of Glory Bulkship, the percentage of shareholding interest of the Company remains at 45%. 3. Accounting Treatment of Glory Bulkship. As announced previously, Glory Bulkship is booked as an investment of the Company in accordance with International Accounting Standard 39 and will continue to be accounted for in the same way following the increase in the issued and paid-up capital of Glory Bulkship. For and on behalf of Uni-Asia Holdings Limited 30 December 2014 |
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