Seanergy Maritime Holdings signed letters of intent for the acquisition of the remaining minority stakes in its subsidiaries, Bulk Energy Transport and Maritime Capital Shipping.

The company acquired a 50 percent interest in BET in August 2009 and a 51 percent interest in MCS in May 2010.

According to the letters of intent, Seanergy agreed to acquire the remaining 50 percent interest in BET from Mineral Transport Holdings for a purchase price of $33 million, payable in the form of $7 million in cash plus shares of the company's common stock worth $26 million.

Seanergy also agreed to acquire the remaining 49 percent interest in MCS for a purchase price of $29 million in the form of $3 million in cash plus shares of the company's common stock worth $26 million.

Both transactions are subject to final documentation, lenders' approval and approval by the company's board of directors.

The sellers of both BET and MCS are related to Seanergy. The shares of the company’s common stock forming part of the purchase price will be issued to four entities affiliated with members of the Restis family.

Following the acquisitions, Seanergy will own a fleet of 20 dry bulk vessels with a combined capacity of approximately 1,292,544 deadweight tons: four Capesize, three Panamax, two Supramax, one Handymax and 10 Handysize dry bulk carriers.

 “In the short period of less than two years as a publicly traded company, we have more than tripled our fleet from six to 20 vessels, quadrupled our deadweight tonnage, enhanced our fleet's operational versatility without sacrificing the strength of our balance sheet and achieved a charter portfolio that generates sizeable and stable cash flows with significant upside potential,” said Dale Ploughman, Seanergy's chairman and CEO.

Seanergy Maritime Holdings, the successor to Seanergy Maritime, is a Marshall Islands corporation with its executive offices in Athens, Greece. The company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.

Source:JOC