Latest news with #YZJMaritimeDevelopment
Business Times
4 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
Yangzijiang Financial up 6% after update on maritime subsidiary incorporation
[SINGAPORE] Shares of Yangzijiang (YZJ) Financial rose by 6 per cent on Wednesday (Jul 2) morning, following an update by the group on its incorporation of YZJ Maritime Development, a proposed spin-off company, as a wholly owned subsidiary in Singapore. The company's shares rose 6 per cent or S$0.045 or to S$0.795 as at 9.52 am, and later to S$0.80 at 9.55 am. By 10.32 am, its shares had eased to S$0.79, still up 5.3 per cent or S$0.04, with nearly 17.8 million securities changing hands, and subsequently S$0.78 at 10.38 am. YZJ Financial shared that the group had incorporated the maritime subsidiary on Apr 28, at an issued and paid-up share capital of US$100, comprising 100 ordinary shares issued at US$1 per share, in a company statement on Wednesday. The subsidiary serves as a holding company of YZJ Financial, and the group presently owns the entire share capital in YZJ Maritime. This update comes after the group announced on Apr 27 that it was exploring plans to spin off its maritime investment segment into a newly incorporated company to be listed separately on the mainboard of the Singapore Exchange, with YZJ Financial's executive chairman and chief executive officer Ren Yuanlin set to lead the spin-off group. The aim of the proposed spin-off and listing would be to create two separate listed company groups to pursue more targeted business strategies and accelerate growth, said the company. This would allow for more efficient capital allocation, tailored to the differing strategies of each business. 'This is a natural evolution of our strategy. Our maritime business is ready to stand on its own, backed by strong fundamentals and a clear vision for expansion,' said Ren previously. 'By separating our maritime segment from YZJ Financial's investment platform, we will be better positioned to pursue focused growth while delivering enhanced value to shareholders.' The company earlier in March announced that it had raised S$139.3 million in net cash proceeds through a placement of its treasury shares to redeploy them for maritime investments. It agreed to divest its entire treasury shareholding of 193.5 million shares at S$0.72 apiece.
