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YZJ Shipbuilding exec chairman sets up trust for senior mgt with 150m shares
YANGZIJIANG Shipbuilding's executive chairman Ren Yuanlin has donated 150 million of his shares for a newly established trust to reward the China-based company's senior management.
The 150 million donated shares accounted for 3.80 per cent of the Singapore mainboard-listed shipbuilder's total issued voting shares. The 66-year-old's effective shareholding in Yangzijiang has been reduced to 21.61 per cent but he remains the largest shareholder after the donation.
Commenting on his donation to the incentive scheme, Mr Ren said: "Yangzijiang's achievements over the past few decades wouldn't have been possible without our loyal, professional and dedicated management team. It's my strong belief to incentivise the team through sharing the rewards. I look forward to our team's continued hard work that leads Yangzijiang towards our vision to becoming the best shipbuilding group in the world."
The irrevocable trust, held under Xinyangchuan International, aims to reward senior management from various business divisions of the group. The first batch of the beneficiaries were listed according to their lengths of service at Yangzijiang and their overall contributions made.
Mr Ren and his son, chief executive Ren Letian, are not included in the potential beneficiary pool.
It was not mentioned in the regulatory filing issued on Friday the qualification criteria for the trust beneficiaries.