Milaha, UACC Talk Tanker Fleet Merger
Qatar-based holding company Milaha has launched talks with United Arab Chemical Carriers Ltd. (UACC) on a possible combination of their respective product and chemical tanker businesses.
“If successful, this move is expected to result in a larger and stronger business, provide better financial returns, and strengthen the combined business market position,” Milaha said in a disclosure on Sunday.
As informed, the potential transaction remains subject to due diligence and corporate, regulatory and other necessary approvals.
The joint fleet would have ten tankers, two to be contributed by Milaha and the remaining eight by UACC.
When asked for comment on the disclosure by the World Maritime News, Milaha spokesperson said it was not possible to disclose any further details at the moment.