Yangzijiang Financial sets up support for CPFIS investors

Singapore one-dollar bill, showing Chinese junk boatsSingapore one-dollar bill, showing Chinese junk boats

Yangzijiang Financial Holding (YZJFH) said Thursday it has set up a dedicated team to support shareholders affected by the pending application to include the company’s shares in the CPF Investment Scheme (CPFIS).

CPFIS allows funds in Singapore’s mandatory retirement savings program, the Central Provident Fund (CPF), to be used for investments.

YZJFH was spun off from Yangzijiang Shipbuilding (Holdings) as a dividend in specie to existing shareholders of Yangzijiang Shipbuilding on a 1:1 basis. Yangzijiang Shipbuilding has previously said the YZJFH shares would be credited to CPFIS agent banks’ securities accounts, and the banks would then notify the shareholders.

“The company is aware of the inconvenience caused to some shareholders by the pending application,” YZJFH said in a filing to SGX. “The company is working to expedite the application for the inclusion of the shares under the CPFIS and seeks the patience and understanding of shareholders.”