Shareholders of Yangzijiang Shipbuilding (Holdings) have voted overwhelmingly in support of the plan to spin off the company's investment arm for its own listing.
At an EGM held earlier today, just 1,400 shares were cast against the proposal to spin off the company, versus 2,999,040,481 shares in favour.
Yangzijiang Financial Holdings (YFH), as the investment arm is called, will start trading on April 28.
Eligible Yangzijiang shareholders will receive their YFH shares on April 27, which follows an ex-entitlement date on April 22.
The second proposal to distribute shares of YFH as dividend in specie to existing Yangzijiang shareholders, similarly received clear approval. 2,999,100,481 shares were cast in favour, versus 21,400 shares against.
YFH plans to acquire GEM Asset Management, which holds a capital markets services licence, by end of this month.
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YFH will have an initial book value of some RMB20 billion, or $4.25 billion, or
Yangzijiang shares closed on April 18 at $1.63, down 0.61% for the day, and up 20.74% year to date.
