Uni-Asia Group Limited (‘Uni-Asia’) is an investment group investing in cargo ships (dry bulk) and properties that is listed on the main board of SGX-ST (ticker code: SGX:CHJ). As at 13 June 2021, it has a market capitalisation of S$61 million. Founded in 1997 and IPO-ed in 2007, it is headquartered in Hong Kong and has business activities in dry bulk carriers as well as properties. Heartland Boy believes that Uni-Asia could be an interesting turnaround laggard. BUSINESS MODEL OF UNI-ASIA GROUP HOLDINGS Uni-Asia is involved in 2 key businesses as shown in Diagram 1: Diagram 1: Main business segments of Uni-Asia Group Limited

1. I) SHIPPING

Uni-Asia strives to provide one-stop integrated ship-related service solutions to its clients. Its key business is still that of a ship owner of Handysize and Supramax Dry Bulk Carriers that are leased out to third parties for charter income....