Yangzijiang Financial Holding (YZJFH), which is set to be spun off from Yangzijiang Shipbuilding (Holdings), has been granted a conditional eligibility-to-list for its shares by Singapore Exchange Securities Trading (SGX-ST), the Chinese shipbuilder said in a filing to SGX Thursday.
A circular to approve the proposed spin-off and a notice of an extraordinary general meeting (EGM) in connection with the proposed listing will be released to shareholders of Yangzijiang Shipbuilding “in due course,” the filing said.
In late November, Yangzijiang announced it was exploring the potential spin-off, aiming for a listing-by-introduction on SGX’s mainboard within six to 12 months.
The spin-off group will focus on asset management and direct investments, Yangzijiang said in late November, noting currently, its investment segment is mainly micro-financing, debt investments at amortised costs and other investments.
Yangzijiang has said it plans to distribute shares of the spin-off company to its shareholders as a dividend-in-specie.