Key Quantitative Figures
The Joint Venture Company will have the following shareholding structure:
- Transworld Shipping Lines Limited (TSLL): 60%
- Bainbridge Navigation DMCC: 40%
Capital contribution breakdown:
- TSLL will subscribe to 75 ordinary shares aggregating AED 75,000
- Bainbridge Navigation DMCC will subscribe to 50 ordinary shares aggregating AED 50,000
Parties Involved
- Transworld Shipping Lines Limited (Indian listed entity)
- Bainbridge Navigation DMCC, incorporated under the laws of Dubai with registered office at Office 2006, Level 20, Fortune Tower, Cluster C, Jumeirah Lake Towers, Dubai - UAE
Purpose and Rationale
The purpose of the agreement is to establish and operate a Joint Venture Company in the United Arab Emirates for carrying on the business of a shipping pool focused on the Handysize vessel segment. The objective is to consolidate operations and enhance efficiency in the dry bulk shipping market.
Significant Terms of Agreement
The Joint Venture Company shall be regulated under the laws of the United Arab Emirates. TSLL shall hold 60% and Bainbridge Navigation DMCC shall hold 40% of the equity share capital of the Joint Venture Company.
Relationship and Transaction Nature
The parties are not related to promoter/promoter group/group companies in any manner. The transaction does not fall within related party transactions and is done at arm's length.