The spin-off will lead to a planned Singapore Exchange (SGX) Mainboard listing, with a placement of up to $250 million to institutional and accredited investors.
Lim Siew Khee of CGS International (CGSI) has increased her target price on Yangzijiang Financial to $1.25 from $1.09 previously, as the group plans to spin off its maritime fund and maritime investment business through a capital reduction exercise and distribution of all its shares into Yangzijiang Maritime Development.
The analyst, who kept her “add” call, likes Yangzijiang Financial for the Yangzijiang Maritime spin-off angle and deems the move as a key catalyst.
