Yangzijiang Financial sets up share buyback program

Stock market charts during a live trading session. Photo by Nicholas Cappello on UnsplashStock market charts during a live trading session. Photo by Nicholas Cappello on Unsplash

Yangzijiang Financial Holding (YZJFH) has set up a S$200 million share buyback program after shareholders granted the company a mandate at an extraordinary general meeting (EGM), the investment manager said in a filing to SGX Wednesday.

“The purpose of the program is to increase shareholders’ value and improve the return of equity of the group,” the company said.

Under the program, YZJFH will buy back up to S$200 million of shares, to a maximum of 395.06 million shares, or 10 percent of the total issued shares, the company said. The repurchased shares will be held as treasury shares, the filing said.

Since being spun off from Yangzijiang Shipbuilding (Holdings) into its own SGX listing in late April, YZJFH’s shares have tumbled as low as S$0.39 from S$0.69, before recovering; the shares closed at S$0.525 on Wednesday.