Yangzijiang, already listed in Singapore, is proposing to submit an application to delist its Taiwan Depository Receipts (TDRs) on the TSE.
“The decision to delist its TDRs on the TSE is in no way indicative of the prospects of the company,” Yangzijiang mentioned.
As at 24 April 2015, Yangzijiang held 37.16m TDRs, constituting 15.48% of the initial listing of 240m TDRs.
“Taking into consideration of the initial purposes of listing the TDRs to provide a different perspective to the valuation of the group and better liquidity for the company’s shares are no longer justifiable, coupled with cost effective consideration and the smaller number of outstanding TDRs held in the hands of the public, the board is of the view that it is in the best interests of the company to delist its TDRs on the TSE,” Yangzijiang stated.
The shipbuilder added that it will repurchase all the outstanding TDRs from the existing TDR holders at a price of TWD14.76 ($0.48) per unit, effective for 50 days from the date of delisting.
Meanwhile, Ren Yuanlin, executive chairman of Yangzijiang, revealed late last week that the company is interested to take a stake in troubled compatriot China Huarong Energy, renamed from Rongsheng Heavy Industries. But the investment decision is yet to be confirmed.
Ren also shared that the shipyard is interested to build the 400,000 dwt VLOCs, dubbed valemaxes, and the company will tender for the order if the opportunity arises.
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