Blockchain outfit eyes JES takeover

Blockchain outfit eyes JES takeover

Bankrupt Chinese shipbuilder JES International Holdings has announced that it has been approached by Singapore’s PLMP Fintech on the possibility of taking over the listing status of the company on Singapore Stock Exchange, by way of a scheme of arrangement or judicial management.

The transfer would see PLMP seek a listing on the Catalist Board of Singapore Stock Exchange.

JES has been in discussion with several potential investors to strengthen its cash position since it was officially declared bankrupt by a Chinese court in October last year, three years after it ceased operations in 2015 due to a major financial crisis.

Seperately, JES received requests from two major creditors DLJ Holdings and Nereus Logistics for payment of outstanding loans. The company owes DLJ and Nereus around S$5.1m ($3.76m) and S$2.2m respectively, and would become shareholders of PLMP should the transfer listing go ahead.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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