YZJ Maritime proposes share buyback as part of capital management plans
It will announce the date of an extraordinary general meeting to seek shareholders’ approval
[SINGAPORE] Maritime financial solutions provider Yangzijiang (YZJ) Maritime is proposing a share buyback as part of its broader capital management plans.
The mainboard-listed company said on Monday (Jan 19) that it will convene an extraordinary general meeting (EGM) to seek shareholders’ approval for the share buyback, the date of which will be announced in due course.
Executive chairman and chief executive of YZJ Maritime, Ren Yuanlin, said the company intends to focus on capital allocation, including through share buybacks, following its initial public offering last year.
“We believe that share buybacks are another good opportunity to reward long-term shareholders, support liquidity, and reinforce confidence in our strategy and value creation pathway,” he said, noting that the group has a “healthy cash position and strong balance sheet”.
Under the proposed share buyback, the company is seeking to purchase not more than 10 per cent of its total issued shares as at the date of shareholders’ approval, at a price of not more than 5 per cent above average closing market prices, as defined by Singapore Exchange listing rules.
YZJ Maritime made its mainboard debut on Nov 18, where its shares closed at S$0.67 or 11.7 per cent above its issue price of S$0.60 per share. It is a spinoff from YZJ Financial’s maritime investment segment, which in turn was spun off from YZJ Shipbuilding in 2022.
Shares of YZJ Maritime ended Friday unchanged at S$0.615, before the news.
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