Yangzijiang Shipbuilding is to issue S$50m convertible bonds to strategic investors EDB Investments and Alexandrian Worldwide as it looks to strengthen its position in Singapore’s maritime industry.
Ren Letian, CEO of the group, commented, “The shipbuilding industry will see strong demand for further developments in green vessel technology and we are committed to working with like-minded partners to seek breakthrough in this sector. With our first advanced maritime R&D center anchored in Singapore, we look forward to deepening our presence in Asia and leverage on Singapore’s R&D expertise to improve our standings within green shipbuilding and sustainability.”
Additionally, Yangzijiang intends to tap on EDBI’s established network to enable greater access to a wider pool of strategic partners to expand cooperation and advance its green vessel technology and capabilities,accelerating its position as a global leading shipbuilder.
Ren Yuanlin, honorary Chairman of the group, said, “With EDBI’s support, we expect to see more of such strategic partnerships with relevant parties in the future. Singapore remains pivotal to Yangzijiang Financial Holding’s expansion within the Asia Pacific region and it will set up its global headquarters in Singapore.”
Alexandrian Worldwide Incorporate was set up by Yangzijiang’s management team. This subscription is a testament of the management team’s confidence in the underlying value of both entities, according to the group.
Source: Seatrade Maritime News