Hot stock: Yangzijiang Shipbuilding’s shares fall following announcement of arbitration proceedings
The first tranche of arbitration hearings against the China-based shipbuilder’s units is scheduled for November 2024
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SHARES of Yangzijiang Shipbuilding tumbled on Monday (Oct 14) morning, after the China-based shipbuilder announced in a regulatory filing on Saturday that arbitration proceedings had been filed in London two years ago against three of its units over the orders of 10 vessels worth US$900 million for alleged breach of contract.
The counter hit an intra-morning low of S$2.30 at 9.03 am, falling 8.3 per cent or S$0.20 amid heavy trading at the open.
As at 11.44 am, Yangzijiang was the most actively traded counter by both value and volume. The counter recovered slightly to trade at S$2.41, down 3.6 per cent or S$0.09, with 33.8 million shares having changed hands.
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