Yangzijiang Financial: Shares included in CPF investment program

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

Yangzijiang Financial Holdings (YZJFH) said Tuesday its shares have been included under the Central Provident Fund (CPF) program for investments, effective Wednesday.

Investors can now use their CPF funds from to trade YZJFH’s shares on SGX, the company said in a filing to SGX.

The CPF is Singapore’s mandatory retirement savings program; under the CPF Investment Scheme (CPFIS), CPF members can invest the savings in products including stocks, fixed deposits, bonds and unit trusts. To be included in CPFIS, an individual stock must be from a company based in Singapore and traded on the SGX Mainboard as a primary listing.

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 had previously said the YZJFH shares would be credited to CPFIS agent banks’ securities accounts, and the banks would then notify the shareholders.

The company noted that shares acquired using CPF funding can only be sold via trading on SGX, with the proceeds credited back to the CPF accounts.