Yangzijiang Maritime

The acquisition will be funded through a combination of equity co-investment and debt financing

CEO Ren Yuanlin cites the ‘tonnage-mile’ effect and a ‘vital’ fleet-renewal cycle as tailwinds

The brokerage’s target price of S$0.88 represents a 63% upside from the group’s closing price on Apr 7

Yangzijiang Shipbuilding also says it has no plans for equity fundraising transactions outside Singapore

The group will purchase up to 10% of all its issued shares

For the full year, its earnings decline 5% to US$129.7 million

If approved by shareholders, the company can acquire up to 10% of its total issued shares

CEO hopes scheme can reward long-term shareholders, support liquidity

The orders are placed with three Chinese shipyards