SINGAPORE: Yangzijiang Financial has divested its treasury holdings of 193,527,600 common shares for $0.72 per share through two distinct share sale and purchase agreements.
According to the latest Singapore Business Review report, the business confirmed in a market statement that the agreements, which totalled $139.3 million in gross proceeds, were inked with Merlion Quay Capital Ltd and Operie Capital Ltd.
Yangzijiang Financial said after the sale that it had released over $70 million in value, more than doubling the initial acquisition cost. The deal is anticipated to be finalised on June 26, 2025. Yangzijiang Financial first repurchased the treasury shares at a price of roughly $0.34 per share as part of its $200 million share buyback program.
The CEO and executive chairman of Yangzijiang Financial, Ren Yuanlin, said, “Once the proposed sale is finalised, it will enhance our capital base to double down investments into the promising maritime industry.”
The net proceeds from the sale will be used by Yangzijiang Financial to support its core marine operations as part of its strategy to capitalise on industry tailwinds caused by increasing decarbonisation. To create capital appreciation in the interim, the proceeds could be used for bank deposits or cash management.