Hot stock: Yangzijiang Financial up 10.3% after proposing share buyback mandate

SHARES of Yangzijiang Financial Holding : YF8 0% (YZJFH) rose in early morning trade on Tuesday (May 24), after the company said it was proposing a share buyback mandate.

The counter traded as high as S$0.48 as at 9.56 am, up 10.3 per cent or S$0.045.

No married deals were recorded, according to ShareInvestor data.

At 10.08 am, the counter was still trading at its high of S$0.48, and remained one of the most actively traded counters by volume, with 35.8 million shares worth S$16.7 million changing hands.

YZJFH on Monday said it was seeking shareholders’ approval for the company to adopt a share buyback mandate.

The proposed mandate would allow the company to buy back up to 10 per cent of its own issued ordinary share capital.

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YZJFH, the investment unit of Yangzijiang Shipbuilding, was spun off and listed on the Singapore Exchange earlier in April this year.