Yangzijiang Shipbuilding to put 900m yuan into Jiangsu-based venture capital fund
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MAINBOARD-LISTED Yangzijiang Shipbuilding (Holdings) is putting 900 million yuan (S$190.9 million) into an upcoming venture capital investment fund focused on sectors such as healthcare, technology and the green economy, the board announced on Thursday (Jan 20).
Its subsidiary has entered into a limited partnership agreement with Tibet Gold Investment Management for a 90 per cent stake in the fund, which Tibet Gold manages as sole general partner.
The fund, Wuxi Jinyu Yangchuan Venture Capital Investment Partnership (Limited Partnership), will extend seed capital in China's Jiangsu province, with an operational term of 7 years.
Jinyu Yangchuan, which is not yet operational, aims to invest in the healthcare, new materials, information technology services, smart manufacturing, new energy and ecological environment industries, said the bourse filing by Yangzijiang.
The investment was funded through internal resources and is not expected to significantly affect the group's earnings and net tangible assets per share for the year to Dec 31.
Yangzijiang added S$0.02 or 1.5 per cent to S$1.34 on Thursday, before the announcement.
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