Wang Dong, a founder of Yangzijiang Shipbuilding (Holdings), has transferred a 10 percent stake in the company to a new employee benefit trust to reward employees, the Chinese shipbuilder said in a filing to SGX Friday.
Under the arrangement, Wang Dong has transferred 100 percent of Lido Point Investments, which holds around 394,13 million shares of the company, to Sapphire Skye Holdings, a British Virgin Islands-registered nominee company wholly owned by Zedra Trust Co. (Singapore), the filing said.
Zedra Trust Co. (Singapore) will manage the employee benefit trust as professional trustees, alongside an employee council selected by the group’s labor union, Yangzijiang said.
The transfer reduced Wang Dong’s Yangzijiang stake to zero, the filing said.
Wang Dong had retired in 2019, when he was 61, from his role as deputy general manager at the company to pursue his personal interests, Yangzijiang said.
“It is his wish that the employee benefit trust will reward and motivate the group to reach greater heights and foster a sense of personal ownership by the employees,” Yangzijiang said.