[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.
Copyright SPH Media. All rights reserved.
