Yangzijiang Chairman Ren Yuanlin contributes 150 million shares to management incentive plan

Singapore port and Sentosa islandSingapore port and Sentosa island

Yangzijiang Shipbuilding said on Friday that Executive Chairman Ren Yuanlin, its largest shareholder, has contributed 150 million of his shares in the company — or a 3.8 percent stake — to a new irrevocable trust to reward senior management.

“Yangzijiang’s achievements over the past few decades wouldn’t have been possible without our loyal, professional and dedicated management team,” Ren Yuanlin said in the statement. “It’s my strong belief to incentivize the team through sharing the rewards. I look forward to our team’s continued hard work that leads Yangzijiang towards our vision to becoming the best shipbuilding group in the world.”

The first list of beneficiaries of the trust, which is held under Xinyangchuan International, were listed based on their lengths of services to the Chinese shipbuilder, Yangzijiang said in a filing to SGX after the market close on Friday.

“Yangzijiang’s achievements over the past few decades wouldn’t have been possible without our loyal, professional and dedicated management team,” Ren Yuanlin said in the statement. “It’s my strong belief to incentivize the team through sharing the rewards. I look forward to our team’s continued hard work that leads Yangzijiang towards our vision to becoming the best shipbuilding group in the world.”

Ren Yuanlin and CEO Ren Letian weren’t included in the beneficiary pool, it said.

The contribution reduced Ren Yuanlin’s stake in the company to 21.61 percent, the filng said.

 

 

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