Yangzijiang Financial to buy back up to S$200m of shares

YANGZIJIANG Financial Holding is buying back up to S$200 million worth of shares after shareholders voted in favour of a share buyback mandate.

The company, a spin-off from Yangzijiang Shipbuilding, held an extraordinary general meeting on Wednesday (Jun 8) to seek shareholders’ approval for the company to adopt a mandate to allow the company to buy back up to 10 per cent of its own issued ordinary share capital. 

Up to 395 million shares may be purchased by the company under the programme, the company announced in an exchange filing after the meeting. It added that the current intention is for any share repurchased via the programme to be held as treasury.

According to the terms of the mandate, announced on May 23, the purchase price to be paid for a share must not exceed 105 per cent of the average closing market price of the shares in the case of an on-market share buyback; in an off-market share buyback, the purchase price must not exceed 120 per cent of the average closing market price of the shares.

Yangzijiang Financial’s shares closed flat at S$0.525 on Wednesday.