Yangzijiang Maritime Development gets shareholder approval for share buyback at EGM

[SINGAPORE] Maritime financial solutions provider Yangzijiang Maritime announced on Friday (Mar 6) that a proposed share buyback mandate has been approved by its shareholders.

The resolution to approve the proposed share buyback mandate was passed at the group’s in-person extraordinary general meeting on Friday at Capital Tower along Robinson Road.

The resolution received favourable votes from shareholders with a shareholding of around 1.6 billion or 99.9 per cent of shares represented at the meeting.

The share buyback was first announced in January. Through it, mainboard-listed Yangzijiang Maritime will purchase up to 10 per cent of all its issued shares, which can be bought through on-market and off-market purchases.

The group’s chief executive and chairman, Ren Yuanlin, previously said that the company would focus on capital allocation, including through share buybacks, after its initial public offering in 2025.

Shares of Yangzijiang Maritime ended Friday unchanged at S$0.575, before the news.