Yangzijiang Shipbuilding (Holdings) said Friday it has made a capital injection into Yangzijiang Financial, increasing its share capital to S$4.26 billion, comprising 3.95 billion shares.
The move followed Yangzijiang Financial, which is being spun off from Yangzijiang Shipbuilding, receiving eligibility-to-list from SGX.
Yangzijiang Shipbuilding has capitalized CNY19.99 billion of receivables from Yangzijiang Financial in increasing the share capital, the filing said. That followed a mid-February move to inject S$2.12 million in cash, equivalent to around CNY10 million, the filing said.
All shareholders of Yangzijiang Shipbuilding will be entitled to a dividend-in-specie of Yangzijiang Financial (YZJFH) shares on a one-to-one basis, the filing said.
“YZJFH will leverage on its longstanding track record of investment management and debt investment business in the People’s Republic of China (PRC) and seek diversification into new asset classes including public markets, private debt, mezzanine financing, private equity and special situations,” the company said.
“The group has identified new growth areas including fund and wealth management to build a recurring income model. It will also further expand its core market beyond PRC to include global markets and will also explore investment opportunities in emerging markets in the Asia Pacific region as well as developed
markets globally,” the company said.
The proposed listing of Yangzijiang Financial is still subject to approval by Yangzijiang Shipbuilding’s shareholders at an extraordinary general meeting (EGM), the filing said.
