YZJ Maritime eyes raising $250m through issuance of new shares
These will be distributed to Yangzijiang Financial shareholders.
Yangzijiang Financial Holding Ltd.'s proposed spin-off Yangzijiang Maritime Development Ltd. (YZJ Maritime) intends to raise up to $250m through the placement of new shares.
In a bourse filing, Yangzijiang Financial said the new shares will be distributed to its existing shareholders. No payment will be required from entitled shareholders.
YZJ Maritime also eyes an overallotment option to be granted in respect of the allotment and issuance of such additional number of shares to investors under applicable exemptions.
YZJ Maritime was incorporated as a wholly-owned subsidiary of Yangzijiang Financial in July. It has a paid-up capital of $100.00, comprising 100 ordinary shares issued at $1.00 per share.
The company “will function as a dedicated maritime investment platform, and its focus will be on unlocking value across the entire maritime value chain.”
Yangzijiang Financial said that its new maritime unit will capitalise on its expertise in both shipbuilding and investment to seize opportunities in the maritime industry.
“As a pure-play maritime development company, it is anticipated that YZJ Maritime will enhance market valuation through sharper capital allocation, tighter strategic focus, and improved operational efficiency,” it added.
