Yangzijiang Financial has received a conditional eligibility-to-list the group’s spin-off maritime investments by the Singapore Exchange Securities Trading Limited (SGX-ST).
Named Yangzijiang Maritime Development (YZJ Maritime), the proposed listing is subject to fulfilment of all conditions set out in the letter.
The board of YZJ has also announced that it further capitalised US$1.45 billion of receivables from YZJ Maritime, which is a wholly owned subsidiary of the company.
Consequently, the share capital of YZJ Maritime had increased to US$1,450,669,812 comprising 1,450,669,812 ordinary shares. As such, the group’s restructuring exercises as stated on Aug 12 have been completed.
The company received approval for the sub-division of the share capital of YZJ Maritime pursuant to which 1,450,669,812 YZJ Maritime shares were subdivided into 3,480,450,420 YZJ Maritime shares.
YZJ says that the proposed listing is subject to, among other things, the relevant regulatory and other approvals being obtained and the same remaining in force, including without limitation, the fulfilment of conditions in the ETL letter.
Shares in YZJ Financial closed flat at $1.07 on Oct 30.
