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New CEO at Jes International; subsidiary gets financing line

Chinese shipbuilder Jes International, which is restructuring its business and has suspended trading of its shares, announced that CEO and chairman Jin Xin has resigned.

This was so he can "ensure the successful restructuring of the affected subsidiaries and operations in China", said new CEO Audrey Jin Yu, 31, who was formerly deputy CEO and is the daughter of Mr Jin.

In a press release, Jes said that a local Chinese bank has extended new banking facilities to its wholly-owned subsidiary, Jiangsu New Eastern Marine Equipment. The bank agreed to provide adequate financing facilities to the subsidiary's on-going and future projects, Jes said.

Meanwhile, the company said it is in the midst of identifying and appointing a reputable corporate finance advisor to ensure that its restructuring exercise is successful.

"The restructuring exercise is a necessary step to bring all the subsidiaries' businesses back to profitability. With the strong support of local government and professionals, we hope to complete the restructuring as soon as possible," said Ms Jin.

Jes International last traded at 2.6 Singapore cents.

Earlier this month, it announced it had terminated plans to acquire a 51 per cent stake in Scibois, which owns a timber extraction business in Congo.