SINGAPORE (June 4): Mainboard-listed Yangzijiang Shipbuilding has incorporated a new wholly-owned subsidiary, Jiangsu New Yangzi Commerce and Trading Co (JNCT) under its indirect wholly-owned subsidiary Jiangsu New Yangzi Shipbuilding Co (New Yangzi) on Thursday.
JNCT was incorporated in Jiangyin City, Jiangsu Province, for RMB10 billion (S$1.96 billion).
JNCT’s main business activity will focus solely in investment activities, which will allow New Yangzi to focus on its core shipbuilding business. JNCT’s share capital will be paid up progressively and will be used in new investments and also to take over some of the investments that are currently held by New Yangzi.
As at 1.09pm, shares in Yangzijiang were changing hands 2.0% lower, at $1.
