Yangzijiang Shipbuilding has it has “no plans, proposals or discussions” relating to equity fund-raising transactions outside of Singapore.
“The company’s management has not participated in any media interviews in relation to the above matters, and no such matters have been discussed or considered by management,” says the company in a statement dated April 1.
It adds that the group’s founder, Ren Yuanlin remains a substantial shareholder, although it does not hold any directorrship or management position within the group. Ren is also not involved in the group’s operational decision-making.
In addition, any decisions or corporate actions made by the company will be “considered and determined by the board and management” according to the laws, regulations and the Singapore Exchange’s (SGX) listing manual rules.
The statement came a day after Ren expressed interest in listing two of his companies, Yangzijiang Maritime and Yangzijiang Financial, in Hong Kong.
In an interview with shipping trade publication, TradeWinds, the CEO and executive chairman of Yangzijiang Maritime Development said the SGX was “too small and moribund”, adding that the valuation prices of both companies were “not properly reflected”.
In a separate clarification announcement, Yangzijiang Financial says there are no plans currently to explore a Hong Kong listing.
The company "remains committed to maintaining its listing status and fulfilling its obligations as a listed issuer. The Company continues to work constructively with SGX in the interest of all stakeholders," reads its announcement.
"The board notes that Mr Ren, as a substantial shareholder of the company, has expressed his personal views on the Company's valuation and potential strategic directions. The board appreciates Mr Ren's personal continued interest in and commitment to enhancing shareholder value," says YZJ Financial.
See also: Certain Koh Brothers shareholders want distribution in specie of Oiltek International shares
Yangzijiang Maritime Development, in which Ren is the executive chairman, says in its separate announcement that his comments on the Singapore stock market were made "in the context of a broader discussion on regional equity market dynamics and were not intended to detract from the longstanding support that the Company has received from the SGX and the broader Singapore capital markets community."
YZJ Maritime reiterates Ren's "concern and disappointment over the recent short-term share price performance of" YZJ Financial and YZJ Maritime, "which he believes does not accurately reflect their intrinsic value."
Yangzijiang Shipbuilding shares gained 4.76% to $3.96 on April 1 and YZJ Financial was up 2% to 26 cents,
Meanwhile, YZJ Maritime was up 3.85% to 54 cents, down 19.4% since its listing last November.
