Meiji Shipping Co., Ltd. (TSE:9115) agreed to acquire an additional 10% stake in Trinity Bulk, S.A. from Mes Shipping Co. Ltd. on July 31, 2020. Under the terms of the transaction, Meiji will acquire an additional 2 shares in Trinity and will hold 12 shares representing 60%. Prior to the transaction, Meiji Shipping Co., Ltd. holds 50%, Itochu Corporation holds 40% stake and Mes Shipping holds 10% stake in Trinity. Trinity reported a total assets of $85 million, sales of $12 million, operating income of $2 million and net income of $12 million in the year ending on December 2019. The transaction was approved by the Board of Directors of Meiji Shipping and is expected to complete on August 3, 2020.