AGREB (Croatia), July 22 (SeeNews) – Croatian shipping company Alpha Adriatic [ZSE:ULPL] said on Thursday that it signed a deal for the establishment of a joint venture registered in the Marshall Islands for the purpose of investment in the purchase and operation of ships on the secondary market.
Alpha Adriatic will hold 50% interest in the joint venture called Alpha DCM Investments LLC, the Croatian company said in a filing with the Zagreb Stock Exchange.
The deal was signed through Alpha Adriatic's fully owned subsidiary United Shipping Services One, the shipping company said, without disclosing who will hold the remaining 50% interest.
Alpha Adriatic group will operate the ships, which will be controlled by the JV, while Dutch consultancy and investment company DC Maritime Partners will be in charge of corporate management. No further details were immediately available.
Earlier on Thursday, Alpha Adriatic announced that it it proposing to its shareholders to cover the company's loss of 84.4 million kuna ($ 13.2 million/11.2 million euro) reported for 2020 with retained profit.
Alpha Adriatic's shares closed at 85 kuna on Thursday, down 1.16% from the closing price on Wednesday, when its share price soared by close to 40% in a turnover of almost 12,800 kuna.
(1 euro=7.532 Croatian kuna)