Wang Dong, a founding member of Yangzijiang Shipbuilding (Holdings), has transferred a total of 394.13 million shares of Yangzijiang to a new irrevocable employee benefit trust.
The trust is set up for the purpose of rewarding employees of the group.
The shares were held under Lido Point Investments, of which Wang is a 100% shareholder.
The 394.13 million shares make up some 10% of the Mainboard-listed group’s total number of issued voting shares. Following the transfer, Wang’s effective shareholder in Yangzijiang has been reduced to 0%.
Wang had retired from Yangzijiang in 2019 as deputy general manager to pursue his personal interests, says the group.
“It is his wish that the employee benefit trust will reward and motivate the group to reach greater heights and foster a sense of personal ownership by the employees,” reads the statement released by Yangzijiang on Dec 24.
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The trust will be managed and administered by the Zedra Trust Company (Singapore), alongside an employee council comprising of persons selected by the labour union of the group from time to time.
Wang Dong, Ren Yuanlin, who is the honorary chairman of Yangzijiang; and Yangzijiang’s executive chairman and group CEO Ren Letian, as well as their respective families, are not included in the potential beneficiary pool.
They will not form part of the employee council as well, says the group.
Shares in Yangzijiang closed flat at $1.30 on Dec 24.
