Singapore: Singapore-listed Chinese shipyard JES International has announced a succession plan. Founder Jin Xin has stepped down as chairman and ceo. His daughter, Audrey Jin, has stepped up from deputy ceo to take on the ceo role.
JES also announced that a local Chinese bank has extended new banking facilities to its wholly-owned subsidiary, Jiangsu New Eastern Marine Equipment. The yard has an orderbook in excess of $1bn and is on Beijing’s approved white list of yards that will have easier access to financing. Nevertheless, other parts of the group have run into difficulty.
Twelve days ago JES announced that its subsidiary, debt-laden Jiangsu Eastern Heavy Industries, had filed an application to a local court to enter a restructuring.
Audrey Jin, the new ceo, said: “The restructuring of the group’s subsidiaries in China requires close supervision. Mr Jin Xin has stepped down as chairman and ceo to devote more time to ensure the successful restructuring of the affected subsidiaries and operations in China”.
China’s largest private shipyards are in the midst of dramatic restructuring with Rongsheng announcing today it was offloading its shipbuilding business to a compatriot, thought to be Yangzijiang Shipbuilding.