Yangzijiang Shipbuilding’s shareholders will receive shares of its proposed spin-off proportionally in the form of dividend in specie, subjected to the successful completion of the spin-off and listing, the company said in an update.
The company also revealed its plan to list the spin-off on the Singapore Exchange mainboard.
Yangzijiang announced plans to spin-off its investment business for its separate listing on Nov 29, leaving the core shipbuilding business.
As at Dec 7, the company has appointed CLSA Singapore as the issue manager in respect of the spin-off and listing. CSLA has appointed Rajah & Tann Singapore and King & Wood Mallesons as CLSA’s legal advisors as to Singapore law and PRC law respectively.
Other parties involved in the proposed spin-off and listing include iCapital Holdings as its adviser to the restructuring, PricewaterhouseCoopers Shanghai as its tax consultant, Shook Lin and Bok LLP as its legal advisor for Singapore law and Jingtian & Gongcheng as its legal advisor for PRC law.
Shares in Yangzijiang closed 2 cents lower or 1.5% down at $1.30 on Dec 8.
