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[SINGAPORE] Shares of Yangzijiang Shipbuilding fell as much as 5 per cent on Wednesday (Nov 5) after asset manager BlackRock ceased to be a substantial shareholder.
BlackRock sold about 37.8 million shares in total on Oct 29 and 31, with the shipbuilder informed the next business day about each trade.
In a bourse filing on Tuesday evening, Yangzijiang Shipbuilding noted that the Oct 31 sale of about 27.5 million shares meant that BlackRock was no longer a substantial shareholder of the company.
Shares of the shipbuilder dropped as low as S$3.26 at market open, a fall of S$0.17 from its previous closing price of S$3.43. It currently has about 3.9 billion shares outstanding.
They later pared some of the losses to be 3.8 per cent down at S$3.30 as at 9.35 am.
In September, Yangzijiang Shipbuilding said three of its subsidiaries had cancelled shipbuilding contracts worth around US$180 million with an unnamed buyer. The contracts had been for four units of 50,000 deadweight tonnage medium-range oil tankers.
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The company is set to announce its third-quarter earnings next week on Nov 10.
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