Shanghai: JES International Holdings, parent company of five China-based shipyards and engineering companies, has placed out 183m new ordinary shares to two new subscribers, including one Chinese national.
The new share subscription will add a total of S$6.59m ($4.91m) to the Singapore-listed company’s issued and paid-up share capital.
The new shares were priced at S$0.0361 ($0.027) each and have been issued to Chinese private investor Sun Yiyi and investment holding company Brilliant Choice International.
Proceeds from the share subscription will go towards repaying JES Overseas Investment Limited (JESOIL), JES International’s main shareholder. Last year, JES International borrowed 120.8m of its ordinary shares from JESOIL to transfer to Chinese nationals Yang Shushan and Yang Nan, in exchange for a 20% stake in SCIBOIS, an African forestry business.
Sun Yiyi’s family is involved in the construction business in China. Sun is in charge of the family fund and is diversifying his portfolio to include marine-related business, JES said today.
Brilliant Choice International is incorporated in the British Virgin Islands, and focuses on investing in marine assets. The company has previously invested in vessels and shipping companies.
The new shares represent about 15.51% of the total number of issued shares in JES International. The number of ordinary shares in the company has increased from 1,208,028,000 to 1,391,028,000 as a result, the company said in an exchange filing today. [27/01/15]