Latest news with #YZJMaritime
Business Times
3 days ago
- Business
- Business Times
YZJ Maritime to raise up to S$250 million through the placement of new shares
[SINGAPORE] YZJ Maritime Development, the proposed spin-off from Yangzijiang Financial Holding , intends to raise up to S$250 million through the placement of new shares to accredited investors and institutional investors. YZJ Maritime, which is the maritime investment segment of the legacy company, also intends to grant an over-allotment option to investors, subject to regulatory approval and market conditions. The YZJ Maritime shares will be distributed to existing Yangzijiang Financial shareholders via a capital reduction. No payment will be required from entitled shareholders for the YZJ Maritime distribution. YZJ Maritime was incorporated on Apr 28 this year, at an issued and paid-up share capital of US$100, comprising 100 ordinary shares issued at US$1 per share. This subsidiary currently serves as a holding company of YZJ Financial, and the group presently owns the entire share capital in YZJ Maritime. Yangzijiang Financial said in a bourse filing on Tuesday (Aug 12) that the spin-off will, among other things, promote financial independence and direct access to capital markets for the proposed company, and allow it greater investment flexibility. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'As a pure-play maritime development company, it is anticipated that YZJ Maritime will enhance market valuation through sharper capital allocation, tighter strategic focus, and improved operational efficiency,' said Yangzijiang Financial. The completion of the proposed spin-off is subject to shareholder's approval at an upcoming extraordinary general meeting. Following the group restructuring exercise, the book value and net tangible assets value attributable to equity holders of YZJ Maritime is expected to be approximately S$2 billion. Yangzijiang Financial's executive chairman and chief executive officer Ren Yuanlin will lead the spin-off group. The counter ended S$0.015, or 1.5 per cent, higher at S$0.99 on Tuesday before the announcement.
Business Times
02-07-2025
- Business
- Business Times
YZJ Financial incorporates YZJ Maritime Development as subsidiary at issued and paid-up share capital of US$100
[SINGAPORE] Yangzijiang Financial released an update on Wednesday (Jul 2) that its proposed spin-off company Yangzijiang (YZJ) Maritime Development has been incorporated as a wholly owned subsidiary in Singapore. It was incorporated on Apr 28 this year, at an issued and paid-up share capital of US$100, comprising 100 ordinary shares issued at US$1 per share. This subsidiary currently serves as a holding company of YZJ Financial, and the group presently owns the entire share capital in YZJ Maritime. The group said on Apr 27 that it was exploring the possibility of spinning off its maritime investment segment into a newly incorporated company to be listed separately on the mainboard of the Singapore Exchange. It also noted that the proposed transaction would involve transferring its maritime investment assets into a new entity (the spin-off group) to be listed by way of introduction. None of the directors or controlling shareholders of YZJ Financial have any interest, direct or indirect, in the incorporation of YZJ Maritime, other than through their respective shareholdings and directorships in the company, if any. The incorporation of YZJ Maritime was funded by internal resources and is not expected to have any material impact on the net tangible assets per share and earnings per share of the group for the current financial year ending Dec 31, 2025. Shares of Yangzijiang Financial closed 1.4 per cent or S$0.01 higher at S$0.75 on Tuesday.
